Ford first-quarter earnings up slightly, company promises more savings

26 April, 2018, 09:37 | Author: Regina Lloyd
  • The all-new Ford Focus

The Ford Fusion, Taurus and Fiesta appear to be on their way to becoming vehicles of the past.

By 2020, Ford buyers in North America will only be able to select from the best-selling Ford Mustang and the Ford Focus Crossover, the Dearborn automaker announced Wednesday, April 25. 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 US volume.

"We're going to feed the healthy parts of our business", Hackett told analysts on a conference call Wednesday, "and deal decisively with the parts that destroy value". If appropriate returns are not on the horizon, we will shift that capital to where we can play and win.

According to the release, 90 per cent of Fords offered in North America will be "trucks, utilities and commercial vehicles" by 2020.

Ford says it is also exploring new "white space" vehicle silhouettes that combine attributes of cars and utilities, such as higher ride height, space and versatility.

Ford is hedging its bets on the fuel front by adding "hybrid-electric powertrains to high-volume, profitable vehicles like the F-150, Mustang, Explorer, Escape and Bronco".

Read between the lines of last week's news about the Ford Fusion, and it becomes tough to see a post-2020 future for the auto in the U.S.It won't be made in Mexico anymore, Ford has told.

Ford reported first quarter net income of $1.7 billion in 2018 and a 7 percent revenue increase from 2017. Year-to-date, Ford stock has declined over 12%. Profits before taxes fell to $2.2 billion from $2.5 billion.

Ford Credit's profit jumped 33 percent to $641 million, while the automaker's fledgling mobility ventures lost $102 million, 59 percent more than a year ago. Automotive revenue rose to $39 billion, exceeding the average projection for $37.2 billion in a Bloomberg survey. They don't, however, love actual cars like hatchbacks and sedans -as Ford has learned. As ride-hailing services like Uber or Ford's own Chariot continue to expand into more remote areas in the United States and the world, and companies advance their autonomous-vehicle technologies, it will become less likely that the average homeowner owns a vehicle, let alone multiple vehicles. If Ford is phasing out development of sedan platforms, Lincoln will likely suffer, too.

On Wednesday, Ford outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers.



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