Ford's Hackett calls for sweeping changes in vehicle development, investment

DETROIT -- Ford Motor Co. CEO Jim Hackett on Tuesday outlined sweeping changes that include redirecting a third of the company's internal-combustion engine expenditures to vehicle electrification and cutting costs by $14 billion. He said the automaker would develop new vehicles faster, shift $7 billion in product-development funding from cars to more profitable light trucks and build Internet connectivity into Ford’s full U.S. lineup within two years.