Michael Martinez

The automaker is giving longtime executives John Lawler, Lisa Drake, Jim Baumbick expanded roles as it adds talent with "Silicon Valley credentials."

Ford reaffirmed full-year 2022 guidance of $11.5 billion to $12.5 billion in adjusted EBIT, which would be 15 to 25 percent more than it earned in 2021.

The seventh-generation pony car, available next summer, features a redesigned interior aimed at attracting younger buyers.

The Mustang will debut as Ford reinvents itself by slashing jobs and reorganizing its work force to prepare for a battery-powered future.

The automaker needs to redeploy resources and address its uncompetitive cost structure, CEO Jim Farley and Executive Chair Bill Ford told employees.

Ford will use the first hometown auto show since January 2019 to take the cover off its seventh-generation Mustang, according to a person with knowledge of the plans.

Using lithium iron phosphate cells in the Mustang Mach-E and F-150 Lightning will reduce material costs for those products by 10 to 15 percent, Ford said.

The automaker said the electric vehicle's high-voltage battery main contactors could overheat, leading to a malfunction that could cause the vehicle to either not start or immediately lose propulsion power while in motion.

Ford was profitable in Europe, North and South America but lost money in China.

Increasingly connected vehicles have prompted Ford designers to develop interiors before thinking about exterior styling, says the automaker's new chief design officer, Anthony Lo.

Anthony Lo spent the past decade at Renault, where he helped implement the company's "cycle of life" design strategy that resulted in a number of award-winning concepts.

The EV unit will be called Ford Model e, while Ford Blue will handle internal combustion engine vehicles in a reorganization aimed at increasing profit margins and ensuring that both powertrains succeed.

Alan Clarke, a 12-year Tesla veteran, will work in Ford's advanced EV development department and report to Doug Field, a former Tesla and Apple engineer who Ford hired in September.

Ford was in the black even without a $8.2 billion gain from its investment in EV maker Rivian.

The Rivian gain was one of a number of special items Ford plans to report when it releases earnings next month.