FORD is shifting its focus towards connected and autonomous vehicles, as well as reducing its passenger car offerings in favour of more SUVs.
The company, which is one of the world’s biggest car manufacturers, says that it is looking to aggressively reduce costs across the business to reinvest in future-proof technologies.
It is cutting funding for internal combustion engines by a third and putting that money into electrification, on top of £34 million already announced. Thirteen electrified models will enter the market in the next five years.
Ford is also increasingly looking at what services consumers will need as the automotive market switches towards connected and autonomous vehicles. Last week it announced a partnership with ride-hailing app Lyft to look at how it could connect customers with self-driving cars.
Speaking at an investor presentation, Ford president and CEO Jim Hackett said: “Ford was built on the belief that freedom of movement drives human progress.
“It’s a belief that has always fuelled our passion to create great cars and trucks.
"And today, it drives our commitment to become the world’s most trusted mobility company, designing smart vehicles for a smart world that help people move more safely, confidently and freely.
“When you’re a long-lived company that has had success over multiple decades, the decision to change is not easy – culturally or operationally.
“Ultimately, though, we must accept the virtues that brought us success over the past century are really no guarantee of future success.”