Ford to discontinue all except two cars from the United States market

26 April, 2018, 12:44 | Author: Sheri Evans
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Ford Motor Co. said Wednesday it will shed most of its North American auto lineup as part of broad plan to save money and make the company more competitive in a fast-changing marketplace.

Cutting its slow-selling sedans and hatchbacks will serve to free up even more capital for light truck and mobility development.

Ford plans to cut $11 billion in operating costs and $5 billion in capital expenditures between 2019 and 2022.

Ford is expecting commodity costs will be a $1.5 billion headwind this year, with about $500 million of that coming in the first quarter, Shanks said.

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The shares rose 0.5 percent to $11.17 as of 4:22 p.m.in NY, after the close of regular trading.

This news comes as part of Ford's "fitness" plan, outlined by CEO Jim Hackett past year, in which he said the Blue Oval would cut its operating costs by $14 billion by 2022.

America's love affair with crossovers is causing an April massacre as Ford has finally confirmed plans to kill all sedans in North America.

Ford said the only cars it will keep in North America beyond their current generations are the Mustang and the Focus Active arriving in 2019.

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Ford North America has confirmed it's in the process of transitioning to a passenger vehicle range comprising just the Mustang and Focus Active. The company's pre-tax margin of 7.8% was down by 1.1 percentage points and still well short of management's target of 10%. We are determined to turn this business around right throughout the whole company. In the same period a year ago, the company reported EPS of $0.30 on revenues of $39.15 billion. Analysts polled by FactSet expected 41 cents per share on revenue of $36.78 billion. But the company's profit margin slipped to 5.2 percent from 6.4 percent a year earlier. The company will still produce a range of SUVs and trucks, including the Escape, Explorer, Bronco, and F-150-the best-selling truck model in the US.

The company's loss in its Asia Pacific region was driven by slumping sales in China, where Ford has just begun to introduce new models.

"Everything will be on the table" to fix Ford, Shanks told reporters in Dearborn, Michigan, where the company is headquartered.

Joe Hinrichs, president of global operations, said Ford plans to build a new product its Hermosillo plant in Mexico when it quits production of the Fusion sedan, and will also build a new battery electric vehicle in Mexico.

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