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New Ford CEO presents plan for the automaker

Jim Hackett (left), newly named Ford Motor Company CEO, speaks with Bill Ford Jr., executive chairman, in Dearborn, Mich. / AP's Paul Sancya

Ford's new CEO James Hackett presented his plan for the automaker to analysts on Tuesday, which will include cost cutting, a significant shift to electric vehicles, and continued investment in self-driving car technology and transportation services.

Why it matters: Hackett's appointment was said to be a move by the company's board to help Ford catch up in the autonomous driving race, which includes rival automakers like General Motors and Tesla, along with tech companies like Alphabet, Uber, and Lyft.