Ford’s stocks which have traded the lowest in the past month marking a six-year low, is concreting its stand on serious cost-cutting in order to bring up the company’s financial figures.

The company’s CEO Jim Hackett who recently called for a meeting with 300 of the company’s top executives at its headquarters in Michigan, stated that Ford must now implement plans that are centred around promised cost savings.

Reports which revealed further plans of the partnership stated that the company was in talks with VW to expand a commercial vehicle tie-up in South America and Europe

“We have clarity of purpose and now it’s time to take action,” Hackett told Reuters in an interview. Executives present at the meeting stated that a key part of the plan to cut down costs was to deepen its partnership with other automakers to share resources and technology.

The American auto giant is reported to be in talks with Germany’s Volkswagen AG and India’s Mahindra about expanding its product lineup as well as major technology alliances.

According to reports, Ford is also in talks with Mahindra & Mahindra where it is expected to use the Indian automaker as a benchmark to minimise supplier costs in the region

Reports which revealed further plans of the partnership stated that the company was in talks with VW to expand a commercial vehicle tie-up in South America and Europe, where the company is suffering heavy loss, and develop new kinds of vehicles for the market.

According to reports, Ford is also in talks with Mahindra & Mahindra where it is expected to use the Indian automaker as a benchmark to minimise supplier costs in the region.