Ford to cut costs by $14B

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The company says it plans to build the next-generation Ford Focus for North America in China to save money.

Ford likewise announced it will reduce spending on internal combustion engines by one third and instead invest in electric and hybrid cars - on top of a previously announced $4.5 billion investment in the sector.

One aim of Ford's "Team Edison" is to identify and develop electric-vehicle partnerships with other companies, including suppliers, in some markets, according to Sherif Marakby, vice president of autonomous vehicles and electrification.

"When you're a long-lived company that has had success over multiple decades the decision to change is not easy - culturally or operationally", Hackett said Tuesday in a news release.

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"We've done lunch-and-learns where we have brought over powertrain engineers to the Ford engineering lab, where the electrification team works".

When Hackett was appointed, he carried out a 100-day review to assess the firm's strategy.

Ford also says it will cut $4 billion in engineering costs through 2022 by making fewer prototypes and reducing product-development time.

Ford stock closed at $12.34 Tuesday, up 2%.

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"The world's impression of Ford is that they are behind on a lot of these technologies", Emmanuel Rosner, an analyst with Guggenheim Partners, said in an interview. He needed to demonstrate to Wall Street and the rest of the world how Ford was going to stop losing ground to rivals in areas from SUVs to electrification, and Hackett came forth with a roadmap for doing that and more. This number includes the F-150 Hybrid, Mustang Hybrid, Transit Custom plug-in hybrid, an autonomous vehicle hybrid, Ford Police Responder Hybrid Sedan, and a fully electric small SUV.

Ford leaders have traditionally used a yearly event to tell investors about the company's long-term plans, and how Ford will achieve them. Hackett set a new goal to cut automotive cost growth by 50% over the next five years by slashing engineering and material expenses.

Hackett, who joined Ford past year to lead its autonomous auto division before replacing Fields at the helm of the company, added Ford will automate its manufacturing process, a move that will result in cost savings of approximately $14bn.

Mr. Hackett, who emphasized smart design during his long tenure running Michigan-based Steelcase Inc., wants to slash costs by modernizing and simplifying Ford's vehicle lineup, factories and product-development process. Ford said the number of options would also be streamlined, focusing on what customers value most.

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