Ford bets on an electric Mustang to charge its turnaround
The Mustang Mach E electric sport utility vehicle Ford Motor Co unveiled in Los Angeles on Sunday is more than another car for the storied automaker.
The Mach E has become within Ford a high-profile test for a restructuring that has been marred by profit warnings, costly quality problems and the troubled launch this year of another important vehicle, the Ford Explorer sport utility.
For Chief Executive Jim Hackett, the Mach E’s aggressive design and futuristic interior represent a long-awaited, visible sign of the overhaul of the company’s product creation process he has tried to explain to skeptical Wall Street analysts for the past two years.
By accelerating the “clock speed” of vehicle development, cutting overlapping product architectures to just five from 13 and extending the company’s most successful brands to new products, Ford could slash $20 billion out of a five-year, 2018-2023 product plan, Hackett told Reuters.
“This is the first thing we generated out of this new thinking,” Hackett said in an interview ahead of the Mach E unveiling. “We have a lot more coming.”