Ford Rolls Out Business Services Unit, Plans Autonomous-Car Services

Ford Motor Co. F -1.53 % made its latest plea for investors to view the auto maker more like a Silicon Valley company, promising lofty returns on future ventures while warning near-term profit will be pinched by deep investment. The Dearborn, Mich., auto maker told investors on Wednesday that its new business services unit eventually will deliver 20% margins, two-and-a-half-times its core auto-making operation. It updated its plans for venturing into robo-taxis, electric car and other transportation services like bike sharing and shuttle vans. Ford's share price has declined while Chief Executive Mark Fields has been at the helm, despite delivering record operating profit. The focus under Mr. Fields--who took over in 2014 after Alan Mulally spent nearly a decade on initiatives that had Ford getting back to basics--has been on winning a technology race with rivals including General Motors Co. GM -0.71 % and Toyota Motor Corp. TM -1.04 % The new strategy will be costly and risky.