And Then There Was One: Mustang. Ford Cutting Cars by 2022
27 April, 2018, 00:37 | Author: Grady Montgomery
The move comes as Ford aims to reduce US$ 25.5 billion in operating costs by 2022 and increase profits.
The company is also considering exiting or selling money-losing operations in Europe and South America, its chief financial officer, Robert L. Shanks, told reporters. Which means that in the very near future, the only Ford "cars" you'll be able to buy there will be the Mustang and the incoming Focus Active.
Company officials said the shift was based on declining demand and profitability, but Ford reported $1.7 billion in profit for the first quarter in 2018 - a 9 percent increase compared to the same period a year ago. By 2020, nearly 90 percent of the Ford portfolio in North America will be trucks, SUVs and commercial vehicles, including electrified versions, Felker said.
That leaves the automaker heavily reliant on trucks and SUVs, with crossovers to pick up most of the small-car detail for most shoppers.
Ford Motor Co outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers.
The cuts will take place over the next few years, Ford said. In the same quarter two years ago, for instance, Ford reported a $2.45 billion profit. But kiss goodbye to the Fiesta, Focus, Fusion, Taurus, and C-MAX.
Ford says its net income rose slightly in the first quarter due largely to a lower income tax rate. But the company's profit margin slipped to 5.2 percent from 6.4 percent a year earlier. Ford's marketing and sales division is likely to see a large portion of cost reduction.
By 2020, Ford also aims to have high-performance SUVs in market, including five with hybrid powertrains and one fully battery-electric model. The company has already sold 43,176 Fusion Sedans and 35,046 Ford Focus in 2018.
If left in place, the current corporate average fuel economy (CAFE) standards would require Ford's SUVs, crossovers, trucks, and Mustang to average roughly 35 to 37 mpg, after exceptions.
Ford says that it "maintains the highest transaction prices of any full-line automaker - $36,300 per vehicle". Crucial to this plan is four new SUVs to be added by 2020.
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Despite the higher profit, Ford's adjusted pretax profit margin fell to 5.2 percent from 6.4 percent in the same quarter in 2017. Meanwhile, companies like Tesla have forced the hand of traditional automakers to adopt electrification in their vehicles.
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