Ford cuts auto offerings down to Mustang, Focus Active crossover

26 April, 2018, 12:45 | Author: Salvatore Jensen
  • Ford getting rid of all but 2 cars in North America

The automaker says over the next few years, the Ford auto portfolio will transition to two vehicles: the best-selling Mustang and the all-new Focus Active crossover coming out next year.

The company's stock was up 2.6 percent at $11.40 in after-hours trading.

Ford has since also confirmed that only the next-generation Focus Active will arrive stateside, meaning the sedan and hatchback versions of the vehicle will not make their way to the USA market. Meanwhile, companies like Tesla have forced the hand of traditional automakers to adopt electrification in their vehicles.

Ford will, however, continue to offer its full gamut of trucks, SUVs and crossovers. We are determined to turn this business around right throughout the whole company. Lincoln now sells the mid-size MKZ and full-size Continental which share platforms with Ford counterparts. Sedan sales across the industry have been falling off the proverbial cliff in the last two years as consumers flock to utility vehicles.

The No. 2 USA automaker said it now plans to cut $25.5 billion in costs by 2022, up from a total of $14 billion the company announced to investors last fall.

Shanks suggested that Ford could reduce investment in certain geographic regions or exit them completely if it did not see adequate returns on the horizon. The company previously predicted $14 billion in cuts by 2022.

Ford will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion.

About $4 billion of the $11.5 billion in cuts would be accomplished in 2019 and 2020, Shanks said, with the rest occurring in the subsequent two years. We have looked at every single part of the business. He said the company used "hard work" to find more efficiencies after Hackett unveiled his plan in October.

Ford's revenue worldwide increased 7% to $42 billion for the quarter.

Ford didn't reveal the fate of the sedans that are now in Lincoln's lineup, but said the luxury division as a whole is not in jeopardy despite it being a low performing area in the company.

Executives talked about the need to further improve operations in Europe and South America.

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. Its Asia Pacific business swung to a $119 million loss, from a $148 million profit a year ago.



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