Ford to end production of all cars save Mustang, Focus

Ford to end production of all cars save Mustang, Focus

Ford to end production of all cars save Mustang, Focus

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

"Where we can raise the returns of underperforming parts of our business by making them more fit, we will", Hackett said.

"By 2020, nearly 90 per cent of the Ford portfolio in North America will be trucks, utilities and commercial vehicles", the statement says. "If appropriate returns are not on the horizon, we will shift that capital to where we can play and win".

Ford's new strategy also includes committing to new propulsion choices, such as adding hybrid-electric powertrains to profitable vehicles such as the F-150, Mustang, Explorer, Escape, and Bronco. To date, the company has been testing its self-driving technology on its Fusion sedan cars, but Ford told Quartz that it plans to develop an entirely new vehicle, unlike anything it's released to date, for when it starts producing autonomous vehicles for consumers-which the company says it'll be ready to do in 2021. But the company's profit margin slipped to 5.2 percent from 6.4 percent a year earlier.

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The company said its net income for the quarter rose 9 percent due largely to a lower income tax rate, as the automaker promised additional efficiencies in the coming years.

"Everything will be on the table" to fix Ford, Shanks told reporters in Dearborn, Michigan, where the company is headquartered. The company previously predicted $14 billion in cuts by 2022. And in every region of the world, Ford reported either a decline in profits or a loss. Ford's sedan sales dropped 8.1 percent in the past year, while General Motors saw its sedan sales slip by 11.3 percent. Revenue rose 7 percent to $41.96 billion. As ride-hailing services like Uber or Ford's own Chariot continue to expand into more remote areas in the USA and the world, and companies advance their autonomous-vehicle technologies, it will become less likely that the average homeowner owns a vehicle, let alone multiple vehicles. If Ford is phasing out development of sedan platforms, Lincoln will likely suffer, too.

Ford Motor Co. on Wednesday said it plans to stop selling all sedans in North America and that it has almost doubled its cost-cutting target by 2022 from the plan it laid out only six months ago.

Ford has been making sedans pretty much since the design was developed in the 1920s, so the move is quite a dramatic shift in strategy for the oldest-surviving USA vehicle company.

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