Ford's business model underwent a structural redesign in 2022 that replaced the traditional integrated automotive company architecture with a three-segment model explicitly designed to expose the different economic profiles of each business to market scrutiny, internal accountability, and capital allocation discipline. Ford Blue is the internal combustion and hybrid vehicle business—the segment that generates the overwhelming majority of Ford's current revenue and essentially all of its operating profit. The Blue portfolio includes the F-Series, America's best-selling vehicle; the Bronco, a successful revival of a beloved nameplate; the Ranger mid-size pickup; the Explorer and Edge SUVs; and the Mustang sports car. Ford Blue's business model is the mature, high-volume automotive model that the company has refined over a century: design vehicles with strong brand appeal, manufacture them at scale with carefully managed cost structures, price them to capture maximum consumer surplus while maintaining competitive position, and distribute them through a franchised dealer network. Ford Blue's profitability is structural—the vehicles are well-positioned in segments with strong demand and relatively limited competition from the brands that threaten Ford most acutely in other segments. Ford Pro is the commercial vehicle and services business, and it is the segment that has most surprised investors and analysts since the reorganisation revealed its financial profile. Ford Pro serves fleets of all sizes—from single-vehicle small businesses to national logistics operators with thousands of units—with Transit vans, F-Series pickups, E-Transit electric vans, and increasingly with software and services that generate recurring subscription revenue independent of vehicle sales. The Ford Pro Intelligence platform provides fleet telematics, predictive maintenance alerts, mobile service coordination, and financing solutions that create a services revenue stream with characteristics more similar to enterprise software than traditional automotive. Ford Pro's adjusted EBIT margin of approximately 12–14% is significantly above the group average and reflects the premium that commercial customers pay for vehicles that directly affect their productivity and profitability. The recurring software and services element—targeting $1 billion in annual revenue by the mid-2020s—is the highest-quality revenue in the group because it is independent of vehicle transaction volumes, carries high margins, and creates switching costs that support customer retention. Ford Model e is the EV business, and its economics are, by management's own explicit acknowledgement, the central challenge of the company's transformation. The Model e portfolio includes the Mustang Mach-E, the F-150 Lightning, and the E-Transit commercial van. The adjusted EBIT loss per EV unit sold was approximately $36,000 in the first half of 2023, reflecting the cost disadvantage that Ford faces in battery procurement, manufacturing efficiency, and software development relative to Tesla—which has spent fifteen years and multiple product generations optimising EV-specific production economics—and relative to Chinese manufacturers who benefit from domestically produced battery cells at materially lower cost. Ford's response to this challenge is a combination of product cost reduction through design simplification, battery chemistry optimisation through the LFP-to-NMC transition on different model lines, and scale leverage as volumes grow. The decision to pause some EV investment and retarget capital toward profitable hybrids and ICE models in 2024 reflects pragmatic capital allocation rather than a retreat from electrification conviction—Ford is managing the losses rather than eliminating them. The financial services business—Ford Credit—is a fourth revenue and profit contributor that operates across all three segments. Ford Credit provides retail financing, lease products, and commercial fleet financing, and its earnings are a meaningful component of group profitability in most years. The business benefits from Ford's brand relationships and dealer network, which provide a captive origination channel that independent auto finance companies cannot match. Ford Credit's financial performance is sensitive to used vehicle values—which affect lease residuals—and to credit quality trends in the consumer and commercial segments it serves.