Ford aim to improve efficiency
There have been many announcements in the motor industry during 2017. Volvo & Jaguar, among others, were swift to announce a move away from diesel and petrol vehicles. It’s not just powertrains that continue to alter the direction of the market. More customers are opting for larger, more capable off-road vehicles with a more seating capability.
In a move to meet this demand Jim Hackett, Ford's new boss, announced long-term plans to move focus away from traditional cars to SUVs and trucks, while investing in electric power and tech services.
With increased completion coming from Asia, the need to streamline design and production has become a pressing issue. Ford will look to automate its manufacturing processes more to help to cut costs by $14bn (£10.5bn).
Mr Hackett’s agenda seems to be headed in the right direction, with Ford experiencing two of the most profitable years in its history. With these new aims identified in Mr Hackett’s 100-day review, there are hopes the company will be able to address the small fall in share price.
The drop has been attributed by Investors expressing concern Ford is not moving quickly enough in markets such as China, as well as automated cars which have become a mainstay investment from Silicon Valley.
"The industry is staring at the tech companies coming at it. That's where I feel I bring some experience to Ford, where I can help. Fitness is the way you protect your broadsides from disruption," claimed My Hackett at an investor event in New York.
With aims to invest $7bn in the marques most successful products, there are hopes to see a solid rise in US sales and share price.
Image: Ford Motor Company