Ford Motor company intends to reduce spending by $14 billion in New CEO Jim Hackett plans to focus on creating crossovers, SUVs, trucks, electric vehicles and unmanned vehicles, according to Bloomberg.
In the next five years, the automaker plans to cut spending on materials by $10 billion engineering and $4 billion With plans to increase the funding to start production of models of mid-size Ranger pickup truck and Bronco SUV.
Ford intends to reallocate $7 billion, which was intended to develop cars to SUVs and trucks.
“Every day I Wake up with a feeling that time can be wasted if we do not move forward. I do have a sense of urgency,” said Hackett to investors at a briefing in new York.
Hackett was appointed CEO of Ford Motor in may of this year. Prior to that, he led the division Smart Mobility. It deals with developments in the field of unmanned vehicles.