Ford's Farley: Cut costs, improve quality and boost margins through software and services
Ford CEO Jim Farley says his company is remaking itself by cutting costs, raising quality and offering software, services and new vehicles that will make profit margins among the best in the industry DEARBORN, Mich. -- Ford CEO Jim Farley says his company is remaking itself by cutting costs, raising quality and offering software, services and new vehicles that will make profit margins among the best in the industry. Farley and other executives gave details on how it will get there over the next few years during a capital markets day event Monday near its Dearborn, Michigan headquarters. One way is to reduce investment in hypercompetitive market segments such as two-row smaller SUVs, Farley told industry analysts. The company, he said, has been “stuck in a box,” with thin profit margins, weak growth and low stock valuation. Ford, Farley said, will emphasize software and services as well as iconic vehicles such as pickup trucks, large SUVs, commercial vehicles and advanced second-generat...