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Ford Motor Co. will report Friday that it exceeded a net cost reduction target of $3 billion for 2003.

Excluding costs tied to vehicle design or production, Ford has identified and eliminated spending with a gross value of $1.5 billion, senior executives said Tuesday.

The savings cover expenses ranging from advertising to office supplies, said Jim Padilla, Ford’s president of the Americas.

Ford won’t disclose total cost-savings until a briefing with industry analysts Friday.

The improvements stem from a sweeping cost review program called “team value management.”

Largely dependent on supplier input, it was conceived by Ford of Europe executives, said David Thursfield, president of international operations and global purchasing. Full Article!
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