Ford to create subsidiary to develop and invest in mobility services

Ford Motor Co. said Friday it is creating a subsidiary to develop and invest in mobility services, as part of its strategy of becoming a car and mobility company. Jim Hackett, a former chief executive of Steelcase, will leave his position on the Ford board to head up the new unit, which will be called Ford Smart Mobility LLC, Ford said in a statement. The company estimates that the transportation services market is worth about $5.4 trillion in annual revenue. The new unit will work on connectivity, mobility, autonomous vehicles, the customer experience and data and analytics, said the statement. Ford shares were trading up 0.7%, but are down about 16% in the last 12 months, while the S&P 500 has lost 1.5%.

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