Ford Motor Company is splitting up, though not in the negative way you might be thinking. Today, the automaker announced that it is creating separate and distinct businesses, one to house its electric vehicles and the other for internal combustion engine (ICE) vehicles. Ford says the move will help it accelerate innovation and streamline its operations.

The newly created divisions get fancy names, too. Ford’s EV business will be called Ford Model e, and will focus on delivery of “breakthrough electric vehicles at scale.” The unit will also be heavily involved with software and connected vehicle technologies. Ford Blue will handle ICE vehicles, and will focus on cost reductions, quality improvements, and operational efficiencies. The two new businesses join Ford Pro, the automaker’s commercial vehicle division, and Ford says all three should have separate finances by 2023.

Accelerating Transformation | Ford+

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The moves come in the middle of Ford’s shift to electric vehicles. The automaker says it plans to produce two million EVs annually by 2026, and notes that it wants EVs to represent half of its global volume by 2030. Ford’s current electric offerings include the Mustang Mach-E, which has earned good reviews and offers strong range and performance. There’s also the E-Transit, a commercial van available in several configurations.

Ford is gearing up for the release of the F-150 Lightning electric pickup truck. The hotly anticipated pickup promises incredible capability and a load of advanced tech. Ford has taken tens of thousands of reservations for the new truck, so it’s likely to be in high demand for quite some time.