April 22, 2018

Ford plans $14bn in cost cuts

05 October 2017, 12:21 | Kenneth Drake

Ford creates Team Edison group to turbocharge its electric car program

How Ford Will Join the Electric-Car Revolution

Sherif Marakby, Ford's vice president of autonomous vehicles and electrification, told Reuters he couldn't comment on specific partnerships that haven't been announced.

Ford has revealed its new strategic plans, which not includes more focus on electric cars, but also will see the automaker shift its overall attention from cars to trucks over the next few years. That means, basically, that some Ford auto nameplates will go away - expect some educated speculation on that soon. The company plans to share more parts between vehicles and reduce the options available for configuring a auto.

The new CEO noted that Ford had formed "Team Edison" internally to speed development of electric vehicles, though what those vehicles are-or even whether they have plugs at all-remains unknown at this point. The company spent months evaluating Ford's position as an automaker and transportation company.

In what may have been a veiled slight aimed at Tesla, (which frequently updates its semi-autonomous Autopilot software, both enhancing and restricting its features at times, ) Hackett said Ford won't use its customers as test subjects for autonomous technology. He cited a partnership with ride services company Lyft to deploy future Ford self-driving cars, an alliance with Indian automaker Mahindra and a potential alliance with Chinese electric vehicle maker Zotye. One reason Hackett has the job is Ford stock declined by almost 40% during Fields' three-year tenure. Meanwhile, Ford announced the creation of "Team Edison", meant to accelerate the company's EV development and partnership work.

Jim Farley (Head of Global Markets), while conversing with investors said that Ford is carefully weighing the gainful and nonpaying businesses in Latin America and Europe and is looking for alliances there.

The new thing is Ford's shift of one-third of their internal combustion engine investments to electric cars, which should accelerate their rollout.

That was reinforced Monday when crosstown rival GM, which already sells the long-range electric Chevy Bolt, announced plans to have 20 battery-powered cars on the road by 2023. But today, Hackett and other executives put some numbers behind their once nebulous vision for the future.

What do you make of Ford's plans?

In a presentation yesterday with senior company executives about Ford's view of future, he made a clear profit before 2019 and 2020 years of cost reduction measures, citing long-standing engineering processes in automotive industry. will not be reflected.

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