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m3n4.net May 23, 2018


Ford Killing All Sedans In North America — Blue Oval Bloodbath

26 April 2018, 09:39 | Vera Richards

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"We'll restructure as necessary and we'll be decisive", Hackett said.

"Our intention is to raise the level of performance on all parts of the business through fitness", Shanks told reporters at Ford's headquarters near Detroit.

The automaker said it now expects achieve an eight per cent global profit margin by 2020, two years sooner than planned.

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

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In a statement, Ford said it won't invest in new generations of sedans for the North American market, eventually reducing its vehicle lineup to the Mustang and the all-new Focus Active crossover coming out next year.

A seismic shift is happening in the vehicle market in North America as legendary auto maker Ford says it will cut the production of its sedan models by upto 90%. The company previously predicted $14 billion in cuts by 2022.

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.

Ford reported first-quarter earnings after the markets closed on Wednesday and beat analysts expectations, with a profit of $0.43 per share and revenue of $42 billion. We are determined to turn this business around right throughout the whole company.

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Ford made $1.74 billion from January through March, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago.

"We saw an increase in commodities of about half a billion dollars in the quarter", he said on Wednesday.

The lion's share of the automaker's quarterly profit was driven by high-margin pickup trucks and SUVs in North America.

Ford Motor Co.is sharpening its cost-cutting knives and cleaving another $11.5 billion from spending in the coming years to reach an elusive profit margin target ahead of schedule.

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Earlier this month, Ford unveiled five new models for China as part of a business revitalization effort centered around a plan to launch over 50 new or redesigned vehicles by 2025, including the electrification of its model lineup. It identified Lincoln as a low-performing area but Shanks said sales are growing and the brand is not in jeopardy. Anonymous source after anonymous source has claimed that the Fiesta, Fusion, C-MAX, and Taurus are all destined for the chopping block, and Ford has nearly invariably countered by saying that these vehicles are a big part of its plans moving forward.



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