"We'll restructure as necessary, and we'll be decisive", he said. "Where we can raise the returns of underperforming parts of our business by making them more fit, we will". Ford's sedan sales dropped 8.1 percent in the past year, while General Motors saw its sedan sales slip by 11.3 percent.
Responding to a shift consumer demand in favor of SUVs, crossovers and pickup trucks, Ford said it planned to trim its North American vehicle portfolio down to just two models: the Mustang, and a new compact crossover called Focus Active that is scheduled to debut in 2019.
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The automaker has been under pressure from Wall Street investors to improve its product lineup and lift flagging profit margins. Profits before taxes fell to $2.2 billion from $2.5 billion. Savings will come from engineering, product development, marketing, materials and manufacturing. "We are driven to turn this business around".
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News of the turnaround plans arrived as Ford reported further signs of difficulty in the first quarter of 2018.
The automaker says it made $1.74 billion, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago. Analysts had on average expected earnings per share of 41 US cents. Instead, 90 percent of all Ford vehicles will consist of trucks and commercial vehicles, the automaker announced as it released quarterly sales figures Wednesday. Europe was the only region to turn a profit for Ford. While Ford may have given up on the declining sedan segment, it's all in on electrified models. Currently, Ford loses money on the Fiesta, Focus, and Fusion, according to The New York Times.
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