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Aly Song | Reuters
People walk in front of a Ford Escape SUV presented at the Media Day for the Shanghai Auto Show in Shanghai, China on April 16, 2019.
For the future, Mr. Shanks said he foresaw that Ford would improve the results achieved by the company last year. But he acknowledged that the recovery is far from over.
"We have a lot of work to do, a lot of corporate restructuring, and we are still somewhat concerned about the external environment," said Shanks, a member of CNBC's Global Council of CFOs.
However, there are a lot of product launches in the hopper, he added.
On Wednesday, Ford announced it has invested $ 500 million in electric vehicle manufacturer Rivian for the construction of a new battery-powered electric vehicle for the Detroit manufacturer. Shanks said the deal did not change the company's plans to spend $ 11 billion on electric vehicles by 2022.
Shanks called it a "win-win" for both companies.
"Working with a fantastic start-up like this one who is interested in electrification and this part of the business with a fresh look, we're going to learn a lot," he said. he declares.
Ford's shares closed at $ 9.40 per share on Thursday but jumped to $ 10.13 in prolonged trading after the earnings report was released.
– Maggie Fitzgerald of CNBC contributed to this report.
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