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Ford to cut costs $14 billion, invest in trucks, electric cars: CEO

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Ford Motor Co (F.N) plans to slash $14 billion in costs over the next five years, Chief Executive Officer Jim Hackett told investors on Tuesday, adding that the No. 2 U.S. automaker would shift capital investment away from sedans and internal combustion engines to develop more trucks and electric and hybrid cars. 

Most of those savings will not show up on Ford’s bottom line until 2019 and 2020, Hackett and other Ford executives said, reflecting the industry’s long product engineering lead times.

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