Ford plans $11.5 billion in extra cuts, killing several USA sedans
27 April, 2018, 00:38 | Author: Carmen Reese
Ford plans to shift $7.0 billion in investment capital from its auto business over to SUVs, estimating that SUVs could make up as much as half of the industry's USA market by 2020. 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.
One of North America's largest vehicle makers is shrinking its product line to save money and stay competitive in the auto market, company officials said. By 2020, nearly 90 percent of the Ford portfolio in North America will be trucks, SUVs and commercial vehicles, including electrified versions, Felker said.
"We will refresh our entire lineup of traditional crossovers and SUVs that everyone knows, like Explorer and Escape", said Jim Farley, Ford's president of global markets, according to USA Today.
Ford has announced that, in the USA, it plans to cull its existing base of passenger cars down to just two vehicles - the Mustang, and the Focus Active.
The company reported a first-quarter net profit of $1.74 billion, or 43 cents per share, up from $1.6 billion, or 40 cents per share, a year earlier. Profits before taxes fell to $2.2 billion from $2.5 billion.
Ford had already announced that the new Fiesta ST would not be crossing the pond due to a lack of interest in the segment, but the main justification is, understandably, profit. Europe was the only region to turn a profit for Ford. By 2021, Ford projects it will surpass Toyota and become the leader in the USA hybrid vehicles market in terms of sales, in part thanks to the hybrid F-150 and Mustang. Move comes as no surprise Michelle Krebs, executive analyst at AutoTrader.com, said Ford's move is no shock, reports the Detroit Free Press. Ford confirms that it is taking appropriate moves to drive profitable growth and maximise returns on a long term. But since then, Ford has been slow to roll out the new sorts of SUVs that have caught favor with American consumers, and it let costs creep higher. He has laid out plans to introduced several new SUVs as well as a range of electric vehicles, and until now had given few details on what financial targets he planned to hit, and how.
Changes are afoot for Ford Motor Company (NYSE:F), at least in North America. To get there, the automaker is ready to take steps including forsaking certain categories and markets.
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