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Ford to cut $14 billion in costs

Ford Motor Co. plans to slash $14 billion in costs and abandon the development of some car models under new Chief Executive Officer Jim Hackett. Mr. Hackett plans to focus on crossovers, SUVs, trucks, electric vehicles and unmanned vehicles.

Over the next five years, Ford will cut spending on materials by $10 billion and engineering by $4 billion, but will increase funding for the launch of mid-size Ranger and Bronco SUV models.

The company also intends to actively participate in mergers, acquisitions and joint ventures.

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