Ford CEO says a big EV surprise is coming next year
The CEO of Ford has said a 'big surprise' is coming next year with regard to electric vehicles. We don’t yet know the exact details, but Ford head, Jim Hackett says:
"We have 16 models that are in design and development. We have a pretty big surprise coming next year,".
Ford previously announced that it will invest $11 billion in electric vehicle technologies by 2022. They are at this time working to produce 40 different hybrid and fully electric cars. They are at the same time restructuring their company with an aim of cutting costs by $14 billion over the next five years. Jim Hackett went on to say:
"We talked about a huge investment in electric vehicles. We have 16 models that are in design and development. We have a pretty big surprise coming next year,"
"Some of the pain in the margins additionally [is] because the vehicles are old. We have on average the oldest fleet in the industry and we are going to have average the newest fleet. 75 per cent of the portfolio is being turned over,"
Ford is moving to right their ship with all the cost cutting and employee reduction. Ford in recent times had been dealing with problems that they haven't been addressed, but as Hackett said, in less than 19 months, he has addressed every one of them.