FOX Business’ Jeff Flock reports from the Celebrity Ford dealership in Toms River, where electric F-150s aren’t zipping away fast enough.
Ford Motor Co. is considering eliminating automatic parallel parking in its vehicles in 2024 as part of a cost-cutting initiative, but says few customers would use it anyway.
Chief Operating Officer Kumar Galhotra said in a conference call with analysts on Tuesday that the automaker plans to make some material and design changes to improve efficiency and reduce costs.
Galhotra said connected car data helps the company determine whether customers are using certain features, and that evaluating that data makes it logical to eliminate self-parking features. He said there was.
“There are so few people using this that we can remove that feature,” Galhotra said, adding that this would save about $60 per vehicle or about $10 million a year. .
A 2020 Ford Fusion vehicle is on display at an auto dealership in Orland Park, Illinois, on September 27, 2019. (Photographer: Daniel Acker/Bloomberg via Getty Images/Getty Images)
Ford hybrid sales surge in January as EV sales decline
Overall, Ford expects to save about $2 billion this year through efficiency improvements, executives said on a conference call.
The company had pre-tax profits of $10.4 billion last year, and expects pre-tax profits of $10 billion to $12 billion in 2024.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| F | ford motor corporation | 12.80 | +0.71 | +5.85% |
Profits from Ford’s Pro Commercial Vehicle business and Ford Blue Combustion Vehicle unit offset significant Model E losses Electric car operation.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Ford executives told analysts that following dramatic changes in EV prices over the past year, the company is slowing investment in new EV production capacity in response to weak demand.
Reuters contributed to this report.
