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Ford getting rid of all its cars but 2

Ford getting rid of all its cars but 2

Ford getting rid of all its cars but 2

The company announced yesterday that it will cease production of the Fusion, Fiesta and Taurus and that, by 2020, 90% of its lineup in North America will consist of trucks, SUVs and commercial vehicles. Instead, the company will focus nearly exclusively on SUVs, crossovers, and trucks in the United States domestic market.

The decision, which Hackett said was due to declining demand and profitability, means Ford will no longer sell the Fusion midsize vehicle, Taurus large auto, CMax hybrid compact and Fiesta subcompact in the U.S., Canada and Mexico.

"The U.S. auto market is slumping after almost a decade of growth, pressuring Ford and others to find additional ways to earn money at the same time big investments are needed for electric cars and driverless-vehicle research".

Hackett said the plan also calls for Ford either fixing or dumping unprofitable global operations. In the next couple of years, Ford plans to have as many as six high-performance SUVs on the market including a fully electric model. Savings will come from engineering, product development, marketing, materials and manufacturing.

"Taurus will end production by March 2019", said Ford spokeswoman Kelli Felker.

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

Executives said GM will reduce spending on traditional sedans in North America, while introducing new low-priced passenger cars next year in China and South America.

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The No. 2 U.S. automaker 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. Yahoo Finance put the average estimate of analysts at US$0.41 a share.

Ford said in its 2018 first quarter statement that it would introduce hybrid-electric powertrains to "high-volume, profitable vehicles" such as the F-150 pick-up, Mustang and Explorer, Escape and Bronco SUVs.

In 2017, the company's pretax profit fell to $8.4 billion from $10.3 billion.

Investors reacted favorably to the earnings.

In afternoon trade, GM shares were down 78 cents or more than 2 percent at $37.33.

The company's Oakville, Ont., complex now assembles the Ford Edge, Ford Flex, Lincoln MKX and Lincoln MKT - all sport utility vehicles. Shanks said the higher commodity prices were largely to blame. With a plan to cut $5 billion in planned spending on his shoulders, it seems that now is the time for drastic measures. The Lincoln brand might be affected by the austerity measures, but CFO Bob Shanks said sales are still growing.

Felker said there are about 4,000 employees at the Chicago assembly plant.

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