(MENAFN) Ford's net income increased 9 percent in the first quarter due largely to a lower income tax rate, as the company promised further efficiencies in the coming years.
According to the carmaker, it made USD1.74 billion, or 43 cents per share, compared with USD1.59 billion, or 40 cents per share in 2017.
It also said that it has found another USD11.5 billion in cost cuts and efficiencies, bringing the total to USD25.5 billion expected by 2022, as savings will come from engineering, product development, marketing, materials and manufacturing.
Ford promised on Wednesday to raise its operating profit margin from 5.2 percent to 8 percent by 2020, two years earlier than a previous forecast.
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