Ford To Stop Selling Most Of Its Cars In North America
28 April, 2018, 22:48 | Author: Darren Santiago
The company also said, 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 scheduled for next year. So while we may not really agree with what the automaker's doing, it does make sense.
Revenue at Ford increased 7%, to US$41.96bn from US$39.15bn. Crossovers and SUVs have quickly come to represent more than half of the total industry's USA sales, while sedans and small cars have been sinking.
"So the changes we're making now are dramatic - we're replacing more than 75 percent of our lineup with smarter, more connected vehicles, and we intend to deliver these vehicles with improved speed and quality". In 1997, after five years at the top, the Toyota Camry and Honda Accord bumped the Taurus down to third, according to the New York Times.
But now, one of the great engines of 20th Century American industry, Ford, will be doing something very different.
"Everything will be on the table" to fix the company, Shanks told reporters at Ford headquarters in Dearborn, Michigan.
Ford will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion. The automaker began the year flagging to investors that pricier raw materials including steel and aluminum would contribute to profit declining in 2018.
With the planned cuts, Ford will say farewell to the Fusion sedan, of which 43,176 have been sold so far in 2018 - and the Focus, of which Ford has sold 35,046 cars this year.
Michael Martinez of Automotive News on Thursday tweeted out a forecast, presumptively procured from sources close to Ford's plans, for the termination point for Focus, Taurus, and Fiesta production.
"It's not that the market has permanently given up on good news ever happening at Ford", said David Whiston, an analyst with Morningstar Inc. who recently lowered his rating on the stock to the equivalent of a hold. In a separate post on Medium, Ford's president of global markets Jim Farley said Ford's trucks and SUVs will soon become 86 percent of the company's USA volume.
Ford is to give up selling saloons and hatchbacks in the United States from 2020, concentrating on SUVs, Pick-ups and CVs.
"It's been easy to identify what's wrong and what we need to do about it".
"The hand-wringing that has been around in our business is gone", he said. However, since the MKZ and Continental share platforms with some of the Ford cars that will be discarded, their future remains in doubt.
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