Ford says it plans to cut $14 billion in costs and eliminate unprofitable model lines as it works to prepare for a quickly changing future.
Specifically, over the next five years Ford (F) will reduce its spending on materials by $10 billion, and engineering costs by $4 billion.
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The company plans to focus more attention on electric cars and SUVs, and dial back the number of gasoline-powered vehicles it offers.
The plans were unveiled today at an investor presentation by CEO Jim Hackett, who’s held the job since May.
CNNMoney (New York) First published October 3, 2017: 4:36 PM ET