Ford aims to reduce costs by USD14 billion, invests in EVs, trucks
US automaker intends to leverage partnerships, remain active on M&A front and accelerate collaboration in R&D
Ford outlined a new growth strategy on Tuesday (3 October) with an aim to become more competitive and profitable, according to the company’s press release. Under the strategy, presented to investors by Jim Hackett, president and CEO of Ford, the automaker aims to reduce cost by USD14 billion. The company is targeting reducing material costs by USD10 billion and engineering costs by USD4 billion over the next five years.
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