Things Are Looking Bright For Ford, Still Lots To Do—Says Ford CFO – Market News Store

Things Are Looking Bright For Ford, Still Lots To Do—Says Ford CFO

On Thursday, the CFO of Ford, Bob Shanks said that the turnaround in their company is getting started for taking hold.

The company Ford is currently in the mid-stage of the restructuring plan of $11 billion and aiming for reducing the costs up to $14 billion in the upcoming five years.

 After releasing the company’s earnings of the first quarter, in an interview, Shanks said that their ship is going to change direction after rethinking the portfolio of product and improving the business fitness and alliance numbers.

On Thursday, Ford saw a jump in its shares of around 8% right after the announcement of their earnings which has beaten the market expectations. The report pointed towards the increased demand of its SUVs and pickup trucks in places of North America.

Shanks said that he anticipates that Ford will make improvement in results delivered by their company better than last year. At the same time, he acknowledged that their turnaround is still far from getting completed.

Shanks said that they have ample of work for doing which a large number of works has related to resigning business. He said that they are still concerned about the outside environment.

He added that there are ample of products whose launch is in action.

On Wednesday, an announcement was made by Ford according to which their company has made an investment of $500 million on Rivian which is a machine used for making electric trucks for building an advanced electric vehicle which receives power from batteries.

Shanks said that by working with this type of amazing start-up which is approaching towards electrification and its business part with new ideas, they are going to gain a lot of knowledge.

On normal days the Ford shares usually get closed in the range of $9.40 to each share. But on Thursday, their rate per share was found raised to $10.13 after the release of the earnings report.

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