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Ford Forum: How Ford Plans To Cut $11 Billion and Become More Competitive
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Old 07-26-2018, 05:44 PM
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Default How Ford Plans To Cut $11 Billion and Become More Competitive

Ford is admitting that its second quarter profit fell by almost half, even though its popular F-150 is selling at a record pace. The automaker is planning to streamline operations worldwide and cut billions while also investing in self-driving vehicle development.

Ford Motor is admitting that it had a tough second quarter with its profit falling by nearly half. Ford’s second quarter profit was $1.1 billion. Executives say that trouble overseas and the fire at a Chinese-owned supplier that shut down F-150 production and forced the company to scramble for other alternatives cut into profits. Ford also took a huge hit on a Takata airbag settlement.

Ford warned today that CEO Jim Hackett’s global restructuring plan could cost $11 billion over the next three to five years. However, Ford says the global streamlining will improve the company’s competitiveness and improve returns eventually.

How Ford Plans To Cut $11 Billion and Become More Competitive
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