Ford is behind companies like GM and Tesla when it comes to getting electric, autonomous vehicles on the road. But on Tuesday, Hackett made clear Ford will favor more profitable hybrids until battery-powered vehicles make better economic sense. “I don’t think we should walk off a ledge where we destroy the earnings power of the company,” Hackett said. Since Hackett took over in May, for instance, Ford has partnered with companies on electric vehicles in China and India and with Lyft on self-driving car development. Of the $14 billion in promised cost reductions, $10 billion will come from material costs and $4 billion will come from reduced engineering costs, Hackett said.

Source: Forbes October 04, 2017 09:00 UTC