Don't mistake the changes underway at Ford Motor Co. as the "indiscriminate" cost cuts of eras past, executives said Wednesday.
In announcing the company's second-quarter financial results, executives declined to comment directly on a recent Bloomberg report that the Blue Oval is preparing to cut as many as 8,000 jobs. But they acknowledged that cost reductions they have long been signaling are underway.
"Traditionally, the auto industry has cut costs — often, indiscriminately — as an effect from lower auto demands through economic softness and shifts for customer preferences. What we're undertaking at Ford is totally different than that," CEO Jim Farley told Wall Street analysts. "We're reshaping virtually every aspect of the way we've done business for a century."
