Ford Motor Co. is considering ways to separate its electric-vehicle operation from its legacy business, Bloomberg News reported on Friday, citing people familiar with the effort.

Chief Executive Officer Jim Farley has considered spinning off Ford's electric operations or its internal combustion engine business, the report said.

Ford did not immediately respond to a Reuters request for comment.

Ford, which aims to become the No. 2 electric-vehicle maker in North America, said last month it would have the annual capacity to build 600,000 electric vehicles globally within 24 months.

Last year, the automaker outlined plans to boost spending on its electrification efforts by more than a third and said it aims to have 40% of its global volume be all electric by 2030.