Ford to slash US$14b in costs, drop some car models

Southfield, Michigan

FORD Motor Co will cut US$14 billion in costs and drop some car models from its lineup under chief executive officer Jim Hackett, who's focusing the company's future on sport utility vehicles, trucks and electrification.

The carmaker will target reducing materials costs by US$10 billion and engineering outlays by US$4 billion over the next five years. Ford plans to shift spending towards products like the resurrected Bronco SUV while axing passenger cars, without naming specific models.