Ford Motor Co. has no plans to spin off its electric vehicle or gasoline-powered vehicle businesses, Chief Executive Jim Farley said on Wednesday.

"We have no plans to spin off our electric business or our ICE business," Farley said at a Wolfe Research conference appearance that was webcast, using an acronym for internal-combustion engine.

"We know our competition is Nio and Tesla, and we have to beat them, not match them," he added. "And we also have to beat the best of the ICE players."

Ford previously denied reports it was considering spinning off its EV or internal-combustion engine operations. The U.S. automaker said last month it will have the annual capacity to build 600,000 EVs globally within 24 months.

Farley said on Wednesday that his management team believes the U.S. automaker's EV and ICE businesses are underperforming on an earnings basis.

The CEO also said Ford believes it can drive a lot more cost out of its traditional ICE business through better quality, lower structural costs and reduced vehicle complexity.