Ford to Discontinue Almost All its Cars in North America

The all-new Ford Focus

That means the company will no longer sell the Fusion midsize vehicle, Taurus large auto, Focus compact and Fiesta subcompact in the region as the market continues a dramatic shift toward trucks and SUVs. 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. It upped its five-year cost-cutting goal to $25.5 billion (Ford reports earnings in US dollars), from the $14 billion projected by CEO Jim Hackett in October. We are determined to turn this business around right throughout the whole company.

"We will refresh our entire lineup of traditional crossovers and SUVs that everyone knows, like Explorer and Escape", said Jim Farley, Ford's president of global markets.

Ford North America has confirmed it's in the process of transitioning to a passenger vehicle range comprising just the Mustang and Focus Active. It identified Lincoln as a low-performing area but Shanks said sales are growing and the brand is not in jeopardy.

"Everything will be on the table", Shanks said.

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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Shanks suggested that Ford could reduce investment in certain geographic regions or exit them completely if it did not see adequate returns on the horizon.

We won't be getting any of these in the future, according to Ford. The company previously predicted $14 billion in cuts by 2022.

He said the company will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion. He said the company used "hard work" to find more efficiencies after Hackett unveiled the plan in October.

"We are driven to turn this business around". Revenue rose 7 percent to $41.96 billion.

"Given declining consumer demand and product profitability, the company will not invest in next generations of traditional Ford sedans for North America". Its Asia Pacific business swung to a $119 million loss, from a $148 million profit a year ago. It is, by far, the company's most dramatic production change in its 115-year history since Henry Ford adopted the assembly line.

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