Ford is on track to have made structural cost cuts of up to US$15bn since 2005 but has room to make more, its chief financial officer said on Wednesday.

“There are always going to be more opportunities,” CFO Lewis Booth told the IAA Investor and analyst conference at Frankfurt. “There may be diminishing returns, but there are always going to be more opportunities.”

The automaker has improved its investment efficiency for tools and engineering, but there are other opportunities, if not “a quantum leap,” Booth said.

“I would say it is now continuous improvement, but there will be improvements,” he added, according to Reuters.

Ford expects its second-half cash outflow to be significantly reduced from the levels registered in the first half at the height of the US auto sales downturn.

Booth said Ford expects to see its cash flow improve as the production volumes return to more normal levels. It plans a more gradual increase in production compared to the sharp production cuts it made in 2008 and 2009 in reaction to the industry sales downturn, he added.