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06 10 2017 02

Automaker Ford Motor is targeting $10bn in incremental material cost reductions and lower engineering costs by $4bn from planned levels over the next five years.

Ford’s newly appointed CEO and president Jim Hackett noted that the company needs to improve its operational fitness and refocus on capital allocation.

He said: “Ford was built on the belief that freedom of movement drives human progress. It’s a belief that has always fueled our passion to create great cars and trucks.

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