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Ford Underwhelms Wall Street as CEO Has More Convincing to Do

  • New CEO Hackett pledges $14 billion cost cuts, pivot from cars
  • Strategy briefing light on details about new path forward
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Ford Motor Co.’s new chief hit all the industry buzzwords in his inaugural investor address -- electrification, connectivity, autonomy -- but a dearth of details left Wall Street underwhelmed.

Chief Executive Officer Jim Hackett pledged on Tuesday accelerated work on green and driverless vehicles, more partnerships and acquisitions, a focus on the trucks and SUVs buyers want, and improved operational “fitness.” The plan included a few tangibles -- $14 billion in cost cuts and a $7 billion shift in spending away from passenger cars -- but not enough specifics for investors to grasp how, exactly, the century-old carmaker plans to navigate the new mobility landscape.