Ford cuts auto offerings down to Mustang, Focus Active crossover
Apr 28, 2018, 11:02
The 2019 FordMustang Bullitt and the 1968 Mustang from the movie "Bullitt" are shown at the North American International Auto Show on January 15, 2018.
The Ford auto portfolio in North America will transition to two vehicles in the next few years.
By not investing in next generations of any vehicle for North America except the Mustang, Ford will now anticipate till it reaches an 8 percent profit margin by 2020, two years ahead of schedule.
How Ford cuts $25 billion and invests in new product should be fascinating to watch. The only Ford-brand cars it will sell in the US will be the Mustang (a family jewel) and a single SUV-light model of the redesigned Focus hatchback called the Focus Active.
One-third of Ford's belt-tightening will come by the end of 2020, Ford said.
Note that the streamlining of their portfolio only applies to cars like sedans.
Ford, which made its name on the Model T, will phase out production of sedans for the North American market and will instead focus its efforts on building trucks and SUVs. General Motors may soon follow suit. "They've had everything for it, except for a few little minor deals but more or less, they've had the stuff" says Glen. That factory, Barbossa says, will stay busy making the Explorer and a new SUV.
US sales of large cars have declined by 34 percent in the past 5 years, and there is "significant unmet demand" for Explorer as consumers abandon traditional sedans for SUVs, she said. As for the Fusion, it is likely to soldier on for at least twomore years.
So far in 2018, Ford said, the rise in its net income is "more than explained by a lower tax rate".
"We are committed to taking the appropriate actions to drive profitable growth and maximize the returns of our business over the long term", CEO Jim Hackett said in a statement.
"By 2020, nearly 90 per cent of the Ford portfolio in North America will be trucks, utilities and commercial vehicles", the statement says. Sure doesn't look like it. Ford points out it just showed a new-ish Fusion at the NY show, so the Continental should at least have some life left. The company now builds vehicles on nine platforms that aren't as flexible.
Ford is now targeting an 8 per cent adjusted EBIT margin in 2020, two years earlier than previously projected.
Ford also observed that its average new vehicle sale prices was $36,300, outpacing the industry average for full-line OEMs. It also plans to bring a smaller, rugged SUV to market. "SUVs don't have the fuel economy penalty they once did".
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