Ford Motor Co. is planning to boost profit margins faster than initially forecast, saying Wednesday it will slash capital spending in coming years and kill iconic vehicle lines that are unprofitable in an effort to keep pace with Detroit rivals.
The No. 2 U.S. auto maker by sales said it aims to meet an 8% profit-margin goal two years earlier than expected, reflecting Chief Executive Jim Hackett’s repeated calls to take more aggressive action on costs. For example, Ford said it is pulling the number of unprofitable small cars...