Ford will drop Focus, Fusion and other sedans for North American market
27 April, 2018, 01:16 | Author: Corey Lynch
DETROIT - Ford Motor Co. on Wednesday said it plans to stop selling all Ford brand sedans in North America and that it is almost doubling its cost-cutting target by 2022 from the plan it laid out.
Ford plans to no longer sell the Fiesta, Taurus, Fusion and the regular Focus in the US and Canada. The 9% increase in quarterly profit can be nearly entirely attributed to a drop in the automaker's effective tax rate to 9% from 28.6%, Ford officials said.
Wall Street applauded the move, sending Ford shares 2.5 percent higher in early Thursday trading.
The announcement came as Ford said it earned a first-quarter profit of $1.7 billion, a 9% increase compared to the same period previous year.
For example, a Fusion starts a little above $22,000 and gets 21 miles per gallon in the city and 32 miles per gallon on the highway, Ford's website says.
Ford Motor Co (F.N) on Wednesday 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. Which means outside of trucks, utility and commercial vehicles (which Ford reckons will take up 90 per cent of Ford's North American portfolio by 2020), there'll be just two actual cars in Ford USA's range.
"We're not going to invest where it doesn't make sense", CFO Bob Shanks said.
It will enable the company to cut $25.5billion in costs by 2022, up from $14 billion in cuts it announced last fall.
"We have seen the trend go where Ford and even preowned sales are gearing towards the truck and SUV more so than the sedan".
Executives say Ford could also exit or restructure low-performing areas of its business, in an aggressive effort to save costs.
Ford Motor Co.is pretty much getting out of the auto business. The Asia Pacific region will probably lose money in the second quarter before returning to profit in the back half of the year.
The decision was made after a long decline in sales for cars like hatchbacks and sedans.
Joe Hinrichs, president of global operations, said Ford plans to build a new product its Hermosillo plant in Mexico when it quits production of the Fusion sedan, and will also build a new battery electric vehicle in Mexico.
Ford finds itself on a road similar to the route Fiat Chrysler Automobiles NV followed to pass Ford in North American profitability.
Former EPA chief Lisa Jackson, now Apple's vice president for environment, policy and social initiatives, also attended. As for what Trump and Cook will discuss is anyone's guess, though economic and trade issues are likely.
Reinking has a history of run-ins with police - including once telling cops that music star Taylor Swift was stalking him. Police rescinded Reinking's firearms ownership authorisation in the Midwestern state of IL , where he lived at the time.
When we announced the release date , we revealed our pre-order bonus, which includes a Spidey Suit pack containing three suits. Most suits will also feature a special suit power, like the Spider-Punk suit which performs and AoE attack with a guitar.
His family told the Associated Press that Dorough died Monday at his home in Mount Bethel, PA , but did not give a cause. According to NRP, Dorough continued to perform until his death, and was survived by his wife, Sally Shanley Dorough.
They also sang some of the Grammy-winning artist's greatest hits including Fighter, Genie in a Bottle and the ballad handsome . Aguilera tried to teach Corden and told him to get his angsty fighter on, but Corden said , "I sound like Fozzie".
Henrikh Mkhitaryan has not fully recovered from his medial knee ligament injury and hence, he has been excluded from the squad. I want to do as well as I can. 'What is important for me is to focus and concentrate about what I'm doing at the moment.
But the Supreme Court wiped clean the list in 2013, noting that conditions for voters of color had "dramatically improved". The Supreme Court, at Texas' request, constrained just how much of the map the district court could redraw.
On August 21, a cyclist spotted a torso on the shore of Klydesoen to the south of Copenhagen which the police identified as Wall. "Given all of the evidence, the court has concluded that Madsen is guilty of murdering Kim Wall ", Judge Anette Burko said.
All around them are bumpy formations that mean the ice is thin and relatively new, NASA said in a statement. The frozen sea of Arctic was found with unusual circles which made the scientist more curious.
Ms Tajima was born on August 4, 1900, and reportedly had more than 160 descendants, including great-great-great grandchildren. At 116 years and 355 days, she has about nine months to reach her countrywoman's mark of 117 years and 260 days.
Widely-Used Drugs Linked To Increased Dementia Risk
Specifically, they've been linked to an increased risk of getting dementia, but as ever, a number of caveats are present. Patients with concerns should continue taking their medications until they can talk with their doctor, researchers say.
Nigeria 'unlikely to eliminate' malaria by 2030
African governments and global efforts have made great strides in combatting the scourge of disease on the continent. Nearly half of the global population is susceptible to malaria but it is most prevalent in sub-Saharan Africa.
Mourinho has made me a better person, says McTominay
Chelsea coach Antonio Conte has said that his team won't be the favourites when they face Manchester United in the FA Cup final. Manchester United are now in second spot in the Premier League as they prepare to welcome Arsenal to Old Trafford on Sunday.
Cuomo urges rogue Democratic senator to end pact with GOP
Republicans will retain control of the Senate at least through the end of the current legislative session in June. Even if they win both seats, however, Democrats must also persuade one of their own to return to the party fold.
Gmail redesign is here and it's big
The fresh redesign for Google's Gmail introduces self-destructing messages and a new confidentiality mode for the first time. But most importantly, with the new Gmail, you can see and click attachments in your inbox without having to open a thread.
Joe Ingles trolls Rudy Gobert after Game 4 win vs. Thunder
The Rockets other All-Star, Chris Paul, also scored 15 of his 25 points in the near-record third-quarter scoring tsunami. Carmelo Anthony is awful , Russell Westbrook shrinks in the 4th quarter, and Paul George hasn't been very special.