News Worms
News Worms

Ford's new "Team Edison" is all about electricity

Ford's new

In recent months Ford's new CEO Jim Hackett has been reviewing Ford's product plans to look for areas of improvement. He also revised the company's talking points on autonomous cars by taking a broader stance on how the company will bring those vehicles to market in 2021.

"The automaker is setting up an internal team named "Team Edison" to study and develop fully electric cars. That should give Ford the time, resources and flexibility to evolve". "One big issue at Ford China is our decision-making process is too slow", one of the knowledgeable insiders said.

He declined to say how many new electric vehicles Ford expects to add in the future. But here's what we know.

"It is a stunning statement from a company that, together with Ford, sells more large pickup trucks and full-size sport utility vehicles than the rest of the global industry combined-and from an industry that grudgingly got into building electric vehicles in the face of stricter fuel emissions standards".

Ford shares opened lower Wednesday following the investor briefing before rising as much as 1 percent. The same day, Ford announced it had formed an independent unit, dubbed Team Edison, to create a business case for EVs.

All external indicators suggest demand for electric vehicles will continue to accelerate.

Hackett said on Tuesday during a meeting with Wall Street analysts that Ford was late to focus on electric vehicles because it thought it was an all or nothing proposition. It is also working with ride-hailing company Lyft on self-driving technology and with China's Zotye Automobile Co. about an electric vehicle partnership.

"Ford will prepare for disruption by becoming fit", Hackett declared".

The automaker will also streamline its products by reducing the number of option packages that it offers on its cars and SUVs. Since Hackett became CEO, Ford has said it will move USA production of the next-generation Focus to China and announced a partnership with Mahindra in India to bolster Ford's business there. He cited a partnership with ride services company Lyft to deploy future Ford self-driving cars, an alliance with Indian automaker Mahindra and a potential alliance with Chinese electric vehicle maker Zotye.

Hackett and his executive team spent the summer reevaluating Ford's operations after former CEO Mark Fields was ousted in May. With profits and market share falling, Ford is being outmaneuvered by competitors such as General Motors Co. and Tesla Inc. when it comes to getting electric vehicles and autonomous technology on the road. One of which, Ford claims, will be an EV SUV. That's right - they think these 10 stocks are even better buys. The Motley Fool has a disclosure policy.


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