Ford CEO demands double profit in 2019
January 25, 2019 | Investopaper
Ford CEO Jim Hackett, this Thursday, told his employees to focus on doubling the profit in 2019 after the results were disappointing in 2018. The target of the company this year is to double its annual operating profit, said Hackett.
The company reported a 2018 operating profit of $7 billion dollar which is down to 4.4% from the previous 6.1% profit margin in 2017.
Mr. Hackett further said that the company can push its operating profit to $14 billion. He asked his employees to bury the year 2018 into a deep grave and look for higher performance this year.
The company is expected to make a comeback this year through new product sales which include Ford Ranger pickup truck and Explorer sports utility vehicle. Similarly, restructuring initiatives, gaining a recovery in China and redesigning its operations in Europe will help to revitalize the company.
In an attempt to save billions of dollars, the company will be jointly developing electric and self-driving vehicles in an alliance with Volkswagen.
