Ford took a big hit

Ford took a big hit

The announcement undoubtedly resonated strongly on every floor of Ford’s. (F) headquarters in Dearborn, Michigan.

This unexpected news certainly caught CEO Jim Farley and his team by surprise as they work to close the gap created by Tesla. (TSLA) in the highly competitive and profitable electric vehicle market.

Farley became Tesla Ford’s number one rival. From this rivalry, the CEO wants to emerge as the big winner. To do that, he decided to transform Ford from a traditional automaker into something between a startup and a big company. This involves removing a lot of redundancy and simplifying the decision-making process. In a word, Ford wants to drastically reduce its costs.

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