Ford to Slash $14 Billion in Costs Under New CEO
- Automaker will shift spending toward SUVs, trucks, EVs
- Former football player Hackett focused on company’s ‘fitness’
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Ford Motor Co. will cut $14 billion in costs and drop some car models from its lineup under Chief Executive Officer Jim Hackett, who’s focusing the company’s future on sport utility vehicles, trucks and electrification.
The automaker will target reducing materials costs by $10 billion and engineering outlays by $4 billion over the next five years. Ford plans to shift spending toward products like the resurrected Bronco SUV while axing passenger cars, without naming specific models.