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losing money overseas, it is working on a solution. Furthermore, he praised the ability and leadership of Ford’s chief executive, Jim Hackett, who he said was doing “a really good job.” “I don’t think it’s even close to a crisis,” he said. Not everyone shares his confidence. The automaker’s bottom line is weakening despite record sales of its pick-up trucks and SUVs. In August, its credit rating was cut to one level above junk status. And Ford’s stock price has fallen to its lowest point since 2009, when the U.S. economy was in a deep recession. “The foundation of Ford — the trucks — is still healthy, but there are concerns about whether Ford has prepared for tomorrow and the future,” said Karl Brauer, executive publisher of the auto information providers Autotrader and Kelley Blue Book. “Ford hasn’t been effective enough in convincing investors that they are.” In the latest move to cut costs, Ford is reorganizing its worldwide salaried workforce of 70,000 with the goal of having a leaner staff by the second quarter of 2019. The move is likely to eliminate several thousand jobs, said Karen Hampton, a company spokeswoman. She said the reorganisation was meant to speed decision-making and cut the time it takes to develop new vehicles, two points Mr. Hackett has emphasised. Part of the frustration among those sizing up the company stems from Mr. Hackett’s slow roll-out of a recovery plan. Since taking the helm in May 2017, Mr. Hackett has outlined broad cost-reduction goals, but has stopped short of explaining how they will be achieved. Ford is also in talks with Volkswagen about a broad alliance that could help turn around its ailing operations in Europe and South America. It is also discussing ways to expand cooperation with Mahindra, the Indian automaker. India is another market where Ford is struggling. Ford makes money on delivery vans and other small trucks, an area where Volkswagen struggles. The cooperation could involve helping Volkswagen produce small pick-ups like the Ford Ranger and sharing the cost of developing electric vehicles and other technologies to meet more stringent emissions regulations in Europe. A century ago, Ford revolutionised auto manufacturing when it opened the Rouge complex. A marvel in its time, it produced cars and all their parts. It generated its own electricity, had a hospital and police station and employed as many as 1,00,000 workers. This vertical integration helped Ford lower costs enough to produce cars that ordinary people could afford. Today, Ford must again find ways to cut costs. In July, Mr. Hackett said his restructuring plan could involve charges of $11 billion over the next three to five years. That news arrived as Ford reported net income declined by nearly half to $1.1 billion in the second quarter. The urgency was highlighted last week when Mr. Hackett said that the Trump administration’s tariffs on imported aluminum and steel would raise Ford’s costs by $1 billion. The company said the costs would be incurred in 2018 and 2019.
