Ford Motor Company (NYSE: F) announced the formation of a new Product Creation and Industrialization organization to integrate its electric vehicle, digital and design teams with its global industrial system. The restructuring aims to support Ford's target of an 8% adjusted EBIT margin by 2029.

Chief Operating Officer Kumar Galhotra will lead the unified organization, which combines Ford's advanced technology teams with its manufacturing operations. The company stated this integration will help deliver what it describes as one of the most intensive product rollouts in Ford's history.

As part of the reorganization, Doug Field, chief EV, digital, and design officer, will depart Ford next month after nearly five years with the company. Alan Clarke has been promoted to vice president of Advanced Development Projects and will continue leading the California-based Advanced Electric Vehicle Development team that developed Ford's Universal Electric Vehicle platform.

Ford plans to refresh 80% of its North American portfolio by volume and 70% of its global portfolio by volume by 2029. The company's roadmap includes the first vehicle on the Universal Electric Vehicle platform, described as a mid-sized pickup, along with next-generation versions of the F-150 and F-Series Super Duty.

The Universal Electric Vehicle platform features what Ford calls an ultra-efficient powertrain and fully zonal architecture with in-house software controls. The design utilizes "unicastings" to reduce weight and complexity for a new assembly process.

By 2030, Ford expects 90% of its vehicles by volume to feature updated electrical architectures and over-the-air capabilities. Nearly 90% of Ford's global nameplates will offer electrified powertrains by 2030, including advanced hybrids, extended-range electric vehicles, and fully electric vehicles.

Kieran Cahill, vice president of manufacturing for Europe and IMG, is retiring from Ford effective May 1 after a 37-year career with the company.