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Ford Forms 'Team Edison' To Accelerate Electrification

Ford Forms 'Team Edison' To Accelerate Electrification

Ford emphasized that it's open to new partnerships, such as its recent agreement with Indian automaker Mahindra Group to cooperate on mobility, electric cars and other projects. "Part of the $7 billion capital reallocation includes reintroducing the Ranger pickup truck and Bronco SUV in North America and moving production of the next-generation Focus small vehicle to China, plans that were previously disclosed", writes Mike Colias for the Wall Street Journal. In a nod towards electrification, Ford is also going to reduce internal combustion engine capital expenditures by one-third and redeploying that capital into electrification.

Ford has announced that it will be moving away from "traditional cars" and will invest more heavily in autonomous and electric vehicles.

"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 is looking to build sustainably profitable BEV (battery electric vehicle) business in segments where we have a strong revenue presence, Jim Farley, head of global markets, told investors.

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The automaker will target reducing materials costs by $10 billion and engineering outlays by $4 billion over the next five years.

Ford shares rose 0.5% to $12.40 after the close of regular trading Thursday. Hackett, who took over as CEO in May, shared more than a handful priorities to reshape the company. He added that Ford subsidiary Argo AI is working on production ready autonomous platform, and that Ford won't release a beta version before development is complete. This investment is expected to generate 13 new electrified Ford products, though not all of those 13 will be pure electric models.

During his two hours presentation, Hackett said that Ford would welcome business partnerships for distributing the risks and expenses of experimenting with new technologies and services while at the same time making revenues from the selling of trucks and sports cars in North America. That contrasts with GM's pledge the previous day to sell 20 electric cars globally by 2023. He said he wouldn't want to ride in an autonomous vehicle himself today and he doesn't intend to use Ford customers as "beta testers" for them, either. "Regardless, Ford's biggest challenge may be delivering shareholder value and gains in a time where many other stocks have been booming".

Ford also plans to reduce the number of standalone options that buyers will be offered, a step aimed at further reducing both assembly line complexity and consumer choice.