Ford has established Ford Smart Mobility, a subsidiary which will specifically design, build, grow and invest in emerging or future mobility technology.
Jim Hackett, the former chairman and CEO of Steelcase has been appointed as the new chairman of the unit.
The move is part of the company's plan to become both an auto and a mobility company.
While Ford is still actively pursuing its core business which includes designing, building, financing and servicing automobiles, it also wants to pursue new and emerging opportunities.
With this new company, Ford envisions to be a market leader in pursuing numerous opportunities in connectivity, mobility, autonomous vehicles, customer experience and data and analytics.
Ford Motor Company president and CEO Mark Fields said: "Ford Smart Mobility and expanding into mobility services are significant growth opportunities."
"Our plan is to quickly become part of the growing transportation services market, which already accounts for $5.4 trillion in annual revenue.
"Jim Hackett is the right visionary leader - with extensive experience in business development and design - to take us into the mobility services business in the future."
Ford Smart Mobility will build products, technologies and innovations and develop commercially ready mobility services and invest in promising ventures.
It will be different from the existing product, research and development team under Ford Motor Company.
The company says that its new subsidiary has been designed to be a complete start up and will design and build mobility services on its own and will also collaborate with other startups and tech companies.
Ford Motor Company executive chairman Bill Ford said: "Ensuring the freedom of mobility requires us to continually look beyond the needs of today and interpret what mobility will mean to future generations."
"This new subsidiary will enable us to develop mobility solutions to address the rapidly changing transportation challenges of an increasingly crowded world."
The newly appointed Ford Smart Mobility chairman Jim Hackett said: "I am absolutely thrilled to lead Ford's mobility business into the future."
"Transportation in the world today is on the cusp of a major revolution, and Ford plans to lead the way by changing the way the world moves through Ford Smart Mobility."
Image: Jim Hackett, chairman of newly established Ford Smart Mobility. Photo: Courtesy of Ford Motor Company
