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Ford Motor Co can save up to $2.5 billion this year through better management of production schedules and due to a drop in commodity prices, Chief Financial Officer John Lawler said on Wednesday.

The Detroit automaker, however, will take years to close the cost disadvantage of $7 billion to $8 billion it has with its competitors, said Lawler, who was speaking at the Wolfe Global Auto conference.

The automaker posted dismal quarterly results earlier this month and blamed chip shortages, supply chain disruptions and production “instabilities” for adding to its costs.

Ford to cut 3,800 jobs in Europe, mostly Germany, UK

Lawler has said Ford faces $5 billion in higher costs this year and that the company will be “very aggressive” in reducing expenses in its manufacturing and supply chain operations.

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