Ford moves its focus from cars to trucks with $7 billion reallocation

How Ford Will Join the Electric-Car Revolution

Ford is now launching partnerships with transport sharing company Lyft, and will use Ford models, which can go to market with no future drivers, initiated partnership with Indian Mahindra and electric vehicle in China It's possible to start with manufacturer Zotye.

The company is also working on autonomous cars but Ford's new CEO, Jim Hackett, made it clear on Tuesday he had no plans to rush a vehicle to market before it was entirely safe. "In the interim, Ford is fixated on improving efficiency and 'fitness.' It's early in the turnaround but we believe Ford is on a focused and improved track". It plans to spend this cut down amount on the expansion of electric and hybrid cars. In August, Ford said it was considering a joint venture with Anhui Zotye Automobile Co to build electric vehicles in China under a new brand, tapping Zotye's low-priced electric-vehicle (EV) technology.

Hackett, along with several senior executives, outlined a new strategy for Ford on Tuesday that is aimed at making the automaker more competitive and profitable. The automaker says it plans to cut $14 billion in costs and eliminate unprofitable models as it works to prepare for a fast-changing future.

Ford will also use the group to create partnerships with other companies including suppliers to accelerate its move towards electrification.




The former head of furniture maker Steelcase, Hackett was joined at Ford headquarters in the Detroit suburb of Dearborn by four of his top lieutenants.

Every auto company is attempting to figure out that future, in which electrified vehicles, increasing autonomy, pervasive connectivity, and car-sharing all blend together in unpredictable ways.

GM on Monday said it planned to launch 20 new all-electric vehicles by 2023. Ford can differentiate itself by offering, say, connected commercial vans that help small businesses keep track of their deliveries. This investment is expected to generate 13 new electrified Ford products, though not all of those 13 will be pure electric models. He'll be joined in NY by Bob Shanks, executive vice president and chief financial officer; Jim Farley, executive vice president and president of global markets; Joe Hinrichs, executive vice president and president of global operations; and Marcy Klevorn, executive vice president and president of mobility.

Ford also plans to reduce the number of standalone options that buyers will be offered, a step aimed at further reducing both assembly line complexity and consumer choice.

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