Ford cutting production of cars to just Mustang, Focus by 2020
27 April, 2018, 00:59 | Author: Shawna Walton
But it may be another year before the company starts to show clear signs of a revival under the new boss.
Ford's decision to slap down all sedans comes as an absolute shocker as even FCA is staying put with the Chrysler 300 and Dodge Charger.
Ford will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion. The company previously predicted $14 billion in cuts by 2022.
Ford's board ousted its chief executive officer past year and replaced him with Jim Hackett, a cost-cutter who's prepared to make the sort of audacious gambles that Wall Street thinks have been missing. The new US -market version of the Focus will be made in China.
In a conference call on Wednesday, the chief executive said Ford will outline a full turnaround plan for investors and analysts on September 26.
The company said its first-quarter net income rose 9 per cent due largely to a lower income tax rate. The automaker says it made $1.74 billion, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago. The company now anticipates reaching an 8 percent profit margin by 2020, two years ahead of schedule. Could Ford of Europe be on the bubble?
In North America, Ford's largest and most important region, pretax profit was $1.9 billion, down $200 million from a year earlier.
Negotiations surrounding the North American Free Trade Agreement is another factor, he added.
Shanks said North American operations had been hurt by rising costs for key commodities such as steel and aluminum.
Yes, we understand the announcement that Ford is drastically shrinking its range in America won't seem of paramount importance to enthusiasts in the UK.
Dropping out of the sedan business in the United States is a momentous shift for Ford. Let's be honest, when was the last time you got excited about a Ford vehicle that didn't have an ST or RS badge attached to it? The company will continue to sell trucks and SUVs, which will now make up 86 percent of its automobile sales by volume. Shanks said the business lines losing money were mainly smaller vehicles. "Over the next few years, the Ford auto portfolio in North America will transition to two vehicles - the best-selling Mustang and the all-new Focus Active crossover coming out next year".
The Mustang will be the only model which will be spared from Ford's slashing of its passenger-car lineup in North America. They will be available as both gasoline- and battery-powered versions.
He said that they will be "building a winning portfolio and focusing on products and markets where Ford can win".
In the 11 months since then, Mr. Hackett has shuffled Ford's executive ranks and outlined plans to introduce new sport-utility vehicles and electric cars. To get there, the automaker is ready to take steps including forsaking certain categories and markets.
To look up your vehicle or ZIP code to determine whether you're eligible for in-car delivery, visit the Amazon Key webpage . The package will then be kept inside the boot of the vehicle and locked by the delivery agent.
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