CEO Mark Fields of Ford Motor Co. Said that automakers of today are now facing challenges like depending on other company’s business model as more and more industries seem to look at autos as a lucrative business.
According to Fields, there are many industries that are coming forward which were never thought of years ago as competitors of the older car makers. One of those companies emerging as rivals of Ford is the software maker Google which just recently uncovered its autonomous vehicle.
In his statement last Wednesday during an automotive conference in Germany, Fields said that he wants to make sure Ford doesn’t end up just like the handset industry adding that he’s seeing a lot of mobile phone makers starting to depend on the business model of major telecom providers.
Fields added that Ford must stay on top as far as innovations are concerned for it to stay competitive. He said that there’s always that pull to take things for granted and considering that this is the tradition, Ford’s opportunity is to find ways to take the blinders off.
In a separate statement, Fields repeated that Ford was adjusting output in order to reduce demand in Russia and said that the country will continue dragging on the company’s earnings. This, he said, is one of the main reasons why the company suffered losses in Europe combined with higher pension costs.
This leading automaker in the world is working together with its local partners in Russia mitigating the fallout from the crisis.
Fields also told reporters during the conference in Bochum that the company is making sure that its production matches the demand for its cars. He added that Ford will do its best to make appropriate cuts to overhead costs while it continues to serve its market all over the world.