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.

The plan:

  • Cut costs by $14 billion over the next five years.
  • Shift toward electric cars (one-third of planned investment in gas and diesel engines will be reallocated to electric or hybrid cars).
  • Reallocate $7 billion in capital from developing passenger cars to trucks and SUVs.
  • Shift to connected vehicles that have an Internet connection (all new U.S. cars by 2019, 90% of new Ford cars globally by 2020).
  • Continue to invest in self-driving car technology and transportation services.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
Updated 2 hours ago - Politics & Policy

Biden has huge cash advantage over Trump as Election Day nears

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month, as campaigning enters the final stretch ahead of Election Day on Nov. 3.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3, Election Day, until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.