Ford Forms Mobile Tech-Focused Subsidiary
March 15, 2016
DEARBORN, Mich. — Ford Motor Co. has formed a new subsidiary, Ford Smart Mobility LLC, to design, build, grow and invest in emerging mobility services, as the automaker has its sights on becoming a leader in connectivity, mobility, autonomous vehicles, the customer experience, data, and analytics.
Ford Smart Mobility is part of the brand’s expanded business model to become both an auto and mobility company. The subsidiary has been designed to compete like a startup that will build mobility services on its own and collaborate with other startups and tech companies.
“Ford Smart Mobility and expanding into mobility services are significant growth opportunities,” said Mark Fields, Ford president and CEO. “Our plan is to quickly become part of the growing transportation services market, which already accounts for $5.4 trillion in annual revenue.”
The subsidiary will be based out of both Dearborn, Mich., and Palo Alto, Calif. Jim Hackett, former Steelcase vice chairman and CEO, has left his position on the Ford board of directors to serve as Ford Smart Mobility’s chairman.