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· Ford announced that it will not sell cars in North America
On April 26, according to foreign media reports, Ford Motor Company said on Wednesday that it will stop investing in North American cars and succumb to the seemingly endless enthusiasm of American drivers for crossovers and trucks.
Ford shifted its focus to “Building a successful car portfolio,†which means it no longer sells its slow-selling cars at least in North America.
American drivers have long liked SUVs and pickup trucks for years, thanks in part to the relative fuel economy and price reduction of these vehicles. Many car buyers also like to prefer high-seat seats for SUVs or pickups.
"Ford realizes that it can't be everything for everyone. In today's market, this may be good," said Jessica Caldwell, an analyst at Edmunds, a well-known American car site. "The key to success is to focus on the customer's location and your strengths. Where, and Ford doubles the truck, and the SUV may be what the brand needs."
However, this move is not without risk. She said that Ford is willing to alienate some car owners and acknowledge that while market share is falling, it is still related to some buyers.
Ford announced last year that it will redistribute $7 billion for SUVs and trucks.
In its first-quarter earnings report on Wednesday, the company said that by 2020, nearly 90% of the North American Ford portfolio will be trucks, utilities and commercial vehicles.
"Given the decline in consumer demand and the decline in product profitability, the company will not invest in the next generation of traditional Ford sedan in North America," Ford said.
The company said that in the next few years, Ford's car portfolio in the region will be transformed into two models launched next year - the best-selling Ford Mustang "muscle car" and a new Focus Active Crossover that will be launched next year.
The company also said that the company is still exploring new models that combine "the best attributes of cars and utilities, such as higher ride height, space and versatility."
Ford's first-quarter earnings and sales released on Wednesday were higher than Wall Street expectations and rose more than 2% in late trading.
The company said it achieved $1.7 billion, or 43 cents a share, in the quarter, compared with $1.6 billion, or 40 cents a share, in the same period last year. Sales increased from $39 billion a year ago to $42 billion.
Analysts surveyed by FactSet expect earnings of 41 cents a share on sales of $36.8 billion.
In addition to downgrading cars in North America, the company also announced plans to cut capital spending by $5 billion over the next few years.
Ford had expected to spend about $34 billion from 2019 to 2022, but it cut it $5 billion to $29 billion in the same period on Wednesday. Ford also said that due to cost reductions and efficiency measures reaching $11.5 billion, it will postpone some of its financial goals until 2020.
Ford also said it is making a "comprehensive commitment" to alternative propulsion engines, including the addition of hybrid electric powertrains to corporate icons such as the F-150 and Mustang.