The following is an excerpt from Chris Isidore | July 25, 2018 | CNN.com |
Ford says it is planning big changes to its core auto business in the coming years, and it will spend big bucks -- $11 billion -- to get there.
The company didn't give a lot of details about the changes it has planned. But Ford and all the major automakers have already been busy trying to develop self-driving cars, and they're planning for a day when customers are more likely to buy rides than autos themselves.
Ford said all that could cost it $11 billion over the next three to five years as it seeks to reshape the business.
"The team is making the hard decisions to raise the returns of underperforming assets," said Chief Financial Officer Bob Shanks. "We will disposition the rest. This type of profound redesign will take time, and we will communicate as decisions are made."
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