Ford Chief Highlights Transparent Goals and Performance Yardsticks For Employees, Cost Cuts For Better Supply Chain Management

Ford Motor Co F CEO Jim Farley shared working to simplify goals and performance metrics for employees in a virtual town-hall meeting.
Farley emphasized more transparent ways to help individual workers understand what they need to do to contribute to the car maker's overarching objectives to accomplish broader goals like supply-chain management and quality, the Wall Street Journal reports.
Farley expressed the need to deepen its cost-cutting actions on an earnings call as inefficiencies in specific departments made the company lag behind its competitors.
Ford eyed slashing over $3 billion in costs it previously sought to trim by mid-decade.
Ford posted disappointing results in the fourth quarter and missed its full-year profit guidance by more than $1 billion.
On the company's earnings call, executives highlighted challenges in its manufacturing operations, like difficulties managing its supply chain and inefficiencies on the factory floor.
Farley also called out problems with vehicle quality leading to warranty claims and recalls, including overstaffing. Ford's engineering operations were 25% less efficient than those of competitors.
Ford eyed toppling Tesla Inc TSLA as the top EV maker.
However, executives lately said it's legacy business of selling traditional gas-engine vehicles needed repair to fund the costly transition to EVs.
Price Action: F shares traded lower by 4.82% at $12.84 in the premarket on the last check Friday.