Ford Contemplates Cutting Car Feature, Eyeing Potential Savings in Millions

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Ford Motor Co. may eliminate the automatic parallel parking feature from its vehicles in 2024 as part of cost-cutting efforts, claiming that few customers use it.

In a Tuesday call with analysts, Chief Operating Officer Kumar Galhotra stated that the automaker intends to make material and design improvements aimed at increasing efficiency and saving money.

Galhotra stated that connected vehicle data helped the company determine if customers were using certain features. From assessing this data, it made sense to remove the auto-park function.

Galhotra stated that the feature is rarely used and that we could remove it. This would result in a saving of $60 per vehicle or roughly $10 million per annum.

 

Ford executives stated that they expect to save $2 billion through efficiency this year.

After earning $10.4 billion in profit before tax last year, the automaker expects to make $10 billion to 12 billion by 2024.

 

Ford Blue combustion vehicles and Ford Pro commercial vehicles offset the losses of Model E electric vehicles.

Ford executives have told analysts that they are slowing down investment in new EV capacities to match a slower demand, following a dramatic change in EV prices over the last year.