Tesla vs Edison: Ford's new EV division takes on Tesla

Oct 05, 2017, 00:23
Tesla vs Edison: Ford's new EV division takes on Tesla

"It will be separate from Ford's other electrification efforts, which include hybrid and plug-in hybrid offerings", as Michael Martinez reported Monday for Automotive News.

Hackett has signed off on a series of moves, including a plan to shift production of Ford Focus compact cars from MI to China.

Ford is shifting its focus towards connected and autonomous vehicles, as well as reducing its passenger auto offerings in favour of more SUVs.

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

"We must accept the virtues that brought us success over the past century are really no guarantee of future success", he noted at one point in his presentation.

Marakby said Team Edison "will look holistically at the electric vehicle market".

When Hackett was appointed, he carried out a 100-day review to assess the firm's strategy. He needed to demonstrate to Wall Street and the rest of the world how Ford was going to stop losing ground to rivals in areas from SUVs to electrification, and Hackett came forth with a roadmap for doing that and more.

'The world's impression of Ford is that they are behind on a lot of these technologies, ' Emmanuel Rosner, an analyst with Guggenheim Partners, said in an interview.

Ford shares rose 0.5 percent to $12.40 as of 4:22 p.m.in NY, after the close of regular trading.

The new thing is Ford's shift of one-third of their internal combustion engine investments to electric cars, which should accelerate their rollout.

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.

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.

The automaker said it is reallocating $7 billion of capital from cars to SUVs and trucks, including the Ranger and EcoSport in North America and the all-new Bronco globally. Ford has already announced partnerships with app-taxi company Lyft and pizza delivery company Domino's to develop autonomous transport for Lyft customers getting to and from a destination, as well as autonomous food delivery methods. It will also reduce by 25% the time it takes to take new cars and trucks from the idea stage to vehicles sitting in dealerships.

Ford also reaffirmed 2017 financial guidance it gave in July and said it would provide a new 2018 forecast in January.

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