Fewer Models, More Electric Cars

Following a depreciation of its share value, automotive giant Ford changed gears and brought a new CEO on board to breathe new life into the brand. The new chief, Jim Hackett, initiated a 100-day review of the company's plans and processes to identify weaknesses and capitalize on strengths.

 

A venerable brand that is practically synonymous with automobiles, the Ford empire has long rested on a strong foundation of reliability and affordability. With a large and diverse offering of vehicles, Ford had held strong for the past century. However, according to Hackett, its time to look forward, "We don't want to cede the future to anybody else."

So what does the future look like?  The hot trends that seem poised to dominate upcoming markets are electric and autonomous functionality, areas that are being vigorously pursued by Ford's competitors. With the ever-increasing importance of technology in the automotive sphere, Ford's traditional competitors are being joined with tech giants such as Google and Musk's Tesla Motors. Suffice it to say, the competition is fierce.

Nonetheless, Hackett is a man with a plan. He has indicated that Ford plans to cut material costs by $10 billion and engineering expenses by $4 billion over five years. These cuts will be made manageable through a shift away from niche models and towards an increased focus on electrified and connected vehicles, in a 'one fits many' approach. Additionally, key strategic partnerships are being forged with global partners, such as India's Mahindra Group, that will help to keep production costs low.

Things may have been shaky for Ford recently, but the automotive titan is under new leadership and seems ready to tackle the 21st century. If you are interested in seeing what Ford has coming off the line, or are just looking to browse some of Ford's many fine offerings, we encourage you to visit our showroom. We are Stevens 112, located at 507 Route 112 in Patchogue. It would be our pleasure to show you around.

Categories: New Inventory, Green, News

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