Ford plans for an electric car future

FORD has begun steering away from building traditional cars to keep up with rivals that have embraced interconnectivity and greener engines.

The 114-year-old carmaker is shifting resources to SUVs and trucks, while investing in electric power and tech services.

It is also using more automation in manufacturing to cut costs by £10.5bn, and will introduce built-in connectivity to 90pc of its cars by 2020.

The changes are the brainchild of new boss Jim Hackett, who replaced veteran Mark Fields as chief executive in May.

During Field’s three-year tenure, Ford shares fell 37pc after it was outpaced by electric carmaker Tesla. Investors had feared Ford was not moving quickly enough to fend off competitors.

But Hackett, who conducted a 100-day review of the firm to assess its strategy shortly after being appointed, said he would bring it up to speed.

He added: ‘The industry is staring at the tech companies coming at it. That’s where I feel I bring some experience to Ford, where I can help.

‘Fitness is the way you protect your broadsides from disruption.’