Ford to Slash $14 Billion in Costs

CNN/Stylemagazine.com Newswire | 10/3/2017, 4:02 p.m.
Ford says it plans to cut $14 billion in costs and eliminate unprofitable model lines as it works to prepare ...

(CNN Money) -- 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 will reduce its spending on materials by $10 billion, and engineering costs by $4 billion.

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.