Going a step further, Farley is leaning toward a spin-off of either of the businesses so that the EV unit gets an earnings multiple, similar to that of EV pioneer Tesla, Inc. TSLA. Tesla shares are currently trading at 88.50 times the estimated forward earnings, compared to Ford's 8.38 forward price-earnings ratio. The Elon Musk-led company's elevated valuation is due to the premium investors are willing to pay for Tesla's future growth.