According to a report from Bloomberg News citing sources familiar with the matter at hand, Ford Motor Co is considering ways to separate its electric-vehicle operation from its legacy business.

Ford’s CEO Jim Farley is weighing options to either spin off the company’s electric operations or its internal combustion engine business, said sources.

Ford has denied plans to spin off either of the businesses.

“We’re focused on carrying out our Ford+ plan to transform the company and thrive in this new era of electric and connected vehicles,” said Ford Motor Co.

In 2021, Ford has unveiled its “Ford+”, strategy wherein it had outlined plans to spend over $30 billion on EVs by 2030.

Last month, the company had said, it would have an annual capacity to build 600,000 electric vehicles globally within 24 months.

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Tags: annual capacity, business, connected, electric, electric vehicles, Ford Motor Co, Ford+ plan, Ford+ strategy, Jim Farley, operations, separate, spin off, transform, vehicles