Ford's Hackett calls for sweeping changes in vehicle development, investment

How Ford Will Join the Electric-Car Revolution

How Ford Will Join the Electric-Car Revolution

The automaker will also speed up the development of vehicles by around 20 percent via new tools such as virtual reality and big data.

What likely will be gone are some of Ford's slower-selling passenger vehicle models, Hackett and his lieutenants emphasized during a lengthy meeting with analysts and the media. "That should give Ford the time, resources and flexibility to evolve".

Raj Nair, Ford's CTO said "To get electrification volumes where we would all like them to be we have to make sure we make the affordability targets or otherwise they are going to stay as a niche item or a pure luxury item".

After a tough year and a large cut to its global workforce, the company also intends to have simpler designs in which more parts can be shared between models. But here's what we know.

Ford is now launching partnerships with transport sharing company Lyft, and will use Ford models, which can go to market with no future drivers, initiated partnership with Indian Mahindra and electric vehicle in China It's possible to start with manufacturer Zotye. Cannis most recently led Ford's investor-relations team. The same day, Ford announced it had formed an independent unit, dubbed Team Edison, to create a business case for EVs. Ford will continue to develop hybrids, but Team Edison seems to be focused on pure battery-electric vehicles.

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Reiterating its long-term goal of an 8 percent automotive operating margin, Ford said it "will embrace the profound technological changes and new competition buffeting the industry".

The company's investor briefing said it would start "allocating capital where Ford can win the future". The team will also explore electric-car-related partnerships with other automakers and suppliers, he said.

"Ford will prepare for disruption by becoming fit", Hackett declared". Ford's presentation "was generally lacking in the detail auto investors crave, with more McKinsey-like thought slides than those with actual numbers".

Hackett's actions so far include signing off on a plan to shift production of the Ford Focus to China from MI. Most notably, Ford in August announced a new joint venture with Chinese automaker Anhui Zotye Automobile to produce a new line of electric vehicles in China. "When you're a long-lived company that has had success over multiple decades the decision to change is not easy - culturally or operationally", Ford CEO Jim Hackett said in the statement. The company also will scrap its mostly go-it-alone strategy under former CEO Mark Fields and be more active pursuing M&A and joint ventures.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. One of which, Ford claims, will be an EV SUV.

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