Michael Martinez

The move is part of Ford's push to simplify its business to deliver on the growth plan it laid out in 2021.

Talks stalled in the final hours of negotiations, even as the automakers offered record raises as high as 20 percent.

The crossover is Ford's first electric offering in the popular off-road segment, which it has focused on in recent years with subbrands such as Bronco.

The automaker says a second-generation platform will be key to making its EV business profitable.

Ford is aiming the Mustang GTD at high-priced, high-performance European sports cars from Porsche, Aston Martin and Mercedes.

Peter Stern was named president of Ford Integrated Services, effective Monday, and will report to CEO Jim Farley.

Ford made $2.3 billion from gasoline-powered vehicles and $2.4 billion from a commercial unit but lost $1.1 billion on EVs during the latest period.

The automaker raised its guidance for the second consecutive quarter and said it would cut an additional $1 billion in costs over the next two years.

The automaker, which saw its suppler relations score plummet in a recent study, said it has hired Liz Door, a sourcing executive at Whirlpool.

Starting in 2025, Ford EVs will be built with Tesla's North American Charging Standard ports, removing the need for an adapter.

Although electric vehicles are expected to eat into combustion vehicle sales eventually, a top Ford executive projected strong ICE and hybrid sales "well into the next decade."

Ford's adjusted earnings before interest and taxes rose 45 percent to $3.4 billion. A majority of that — $2.6 billion — came from Ford Blue, the company's gasoline-powered business.

The EV losses will mount as the company expects increased profits for its internal combustion and commercial vehicle businesses.

Ford will offer the less-expensive lithium iron phosphate chemistry on its Mustang Mach-E this spring and on the F-150 Lightning next year.

Third-year CEO Jim Farley is pleased by the reception to Ford’s EVs and connected vehicle software but frustrated by long-standing cost and quality issues weighing down the company.