Thursday, 13 December, 2018

Ford getting rid of all but 2 cars in North America

Jean Garcia | 27 April, 2018, 00:57

Ford previously predicted $14 billion in cuts by 2022.

When Jim Hackett took over as chief executive of Ford Motor, he was charged with revitalizing a company suffering from slumping profits, rising costs and an uncertain outlook. And what should Ford's United Kingdom future look like? We have no idea what this variant will feature since it hasn't been formally announced yet.

Marketwatch has the details on Ford's plans.

Tech in cars is gonna absolutely blow up in the next few years so it would make sense for the company to want to be at the forefront of that.

Ford made $1.74 billion from January through March, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago.

In 2017, the company's pretax profit fell to $8.4 billion from $10.3 billion. And in every region of the world, Ford reported either a decline in profits or a loss.

Negotiations surrounding the North American Free Trade Agreement is another factor, he added. For the year, higher commodity costs are expected to be a $1.5-billion "head wind", Shanks said.

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What does Ford mean when it talks of "unprofitable global operations"? Shanks defined disposition as a different business model, efficiency improvements, exiting or downsizing.

The vehicle manufacturer has been under pressure from Wall Street investors to improve its product lineup and lift flagging profit margins. Trucks and SUVs have always been the brand's strengths.

By 2020, almost 90 percent of Ford's product lineup in North America will be trucks, SUVs and commercial vehicles.

Ford will be unveiling a crossover hatchback called the Focus Active in the next year. They will be available as both gasoline- and battery-powered versions. What about Brazil? Too early to tell, Ford folks say, but they also whisper nothing is off the table.

It's all a bit ironic, given that just last decade - as it was emerging from the Great Recession - Ford got $5.9 billion in loans backed by the feds to help it build high-mileage cars.

Specifications for the 2018 Ford fleet of crossovers and SUVs are shown. Ford also reaffirmed its committment to bring hybrid-electric powertrains to the F-150, Mustang, Explorer, Escape and the upcoming Bronco. 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. We expect more information on it soon, however.

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