Ford to Discontinue Almost All its Cars in North America

Ford to Discontinue Almost All its Cars in North America

In its first-quarter statement on Wednesday, the company said it will only sell two cars for the US market within the "next few years" and that it will "not invest in next generations of traditional Ford sedans for North America".

"We're starting to understand what we need to do and making clear decisions there", Hackett said.

America's love affair with crossovers is causing an April massacre as Ford has finally confirmed plans to kill all sedans in North America. The company didn't say exactly what that mean, but it sounds a lot like its current crossover vehicle models, like the Escape or the Focus Active. In a separate post on Medium, Ford CEO Jim Farley said Ford's trucks and SUVs will soon become 86 percent of the company's USA volume. The company is considering exiting or selling money-losing operations in Europe and South America, its chief financial officer, Robert L. Shanks, told reporters.

The only passenger vehicle models Ford plans to keep on the market in North America will be the Mustang and the upcoming Ford Focus Active, a crossover-like hatchback that's slated to debut in 2019.

The announcement came as Ford said it earned a first-quarter profit of $1.7 billion, a 9% increase compared to the same period past year.

The company is committed to increasing profit margins by focusing on more popular trucks and SUVs going forward.

Amid Protests, Armenia's Prime Minister And Former President Will Resign
During hastily organized and televised negotiations , Pashinyan said that the protesters' main demand was Sargsyan's resignation. In 2008, following reports of widespread electoral fraud, sit-in protests formed in Yerevan, the capital of Armenia .

Ford didn't quite get out of the auto business when it released its first-quarter earnings Wednesday, but it did take a few steps closer to selling nearly nothing but sport- or crossover-utilities, pickup trucks and commercial vehicles.

The shares rose 0.5 percent to $11.17 as of 4:22 p.m.in NY, after the close of regular trading.

Ford's revenue worldwide increased 7% to $42 billion for the quarter.

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.

Hackett also announced that Ford Motor will implement $11.5-billion in cost reductions by 2020, on top of $14-billion in cost reductions announced earlier. Its Asia Pacific business swung to a $119 million loss, from a $148 million profit a year ago.

Shanks wouldn't say if employees would be cut but said nothing is off the table. Ford's sedan sales dropped 8.1 percent in the past year, while General Motors saw its sedan sales slip by 11.3 percent.

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