Ford Logo is seen above. [Source: Reuters Business]

Ford Motor Co (F.N) plans “dramatic reductions” in the complexity of its product lineup starting in the 2024 model year, Jim Baumbick, the automaker’s product development chief, said Wednesday at a conference hosted by Bank of America.

At the same time, Ford plans to develop more variations of certain model lines, such as the Bronco SUV, because they offer 30% or greater profit margins compared to the base model, Baumbick said.

Ford Chief Executive Jim Farley has said the automaker’s product lineup and vehicle architectures are too complex and too costly. Ford is driving to cut billions from operating costs after 2022 profits fell short of investor expectations.

Ford is also “rushing to add capacity” to build more Maverick compact pickup trucks, he said.