Economy

Ford to slash $14 billion in costs, cut cars under new CEO

Ford to slash $14 billion in costs, cut cars under new CEO

CEO Jim Hackett on Tuesday outlined sweeping changes that include reallocating $7 billion from cars to SUVs, crossovers and pickups, speeding vehicle development, slashing costs by $14 billion and building Internet connectivity into Ford's full USA lineup within two years.

He assured investors that after 100 days' time he would be informing them that how he intends to improve Ford to sustain and grow in the auto industry as the industry is getting more digitalized, electric and less inclined towards the sale of one vehicle at a time.

The company plans to reduce the number of Ford models but did not say how many or which ones and intends to substantially ramp up its shift away from gas engines into electrification and connected cars.

"Ford will prepare for disruption by becoming fit", Hackett declared".

The overall reduction in spending is about $14 billion - $4 billion of which will be product engineering cuts, and $10 billion of which will be materials savings.

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Ford's plans have been revealed to investors, as the shift towards SUVs and trucks was something to be expected given the fact that these types of vehicles provide higher profit margins. Ford also has plans to build the next-generation Focus for North America in China, saving capital investment and ongoing costs.

Hackett chaired his place in May after his predecessor Mark Fields. Hackett touched on these plans with Fortune's Adam Lashinsky last month.

In addition, Ford will reduce the buildable configurations of possible cars; check out the slide from Ford's presentation today above. He reduced the frequency of former CEO Alan Mulally's renowned business plan review meetings held on Thursdays.

Hackett was CEO of Steelcase for 20 years until he retired in 2014. He briefly led Ford's mobility unit before being tapped as CEO.

His vision of Ford was of a more nimble company that was faster to act and more responsive to the changes that threaten to upend the industry than it had been to date.

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Hackett said the decision to change was "not easy - culturally or operationally", adding "I feel a real sense of urgency for what we're doing here".

That isn't stopping it from evoking Nineteenth Century genius as it lays out its strategy for the Twenty-First.

Investors have been critical of Ford for waiting too long to bring a long-range electric vehicle to market, as GM did with the Chevrolet Bolt.

For example, Hackett wants to move Ford past patting itself on the back for having overhauled its small-car lineup a decade ago to take advantage of $4-a-gallon gasoline prices in 2008.

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Over 20 years ago, Simpson went on trial for the 1994 killings of his ex-wife, Nicole Brown Simpson , and her friend Ron Goldman . Simpson was startled Sunday as a photographer approached him at a Nevada gas station not long after his release from prison.


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