Ford to phase out sedans in North America

2018 Ford Mustang facelift

2018 Ford Mustang facelift

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.

"By 2020, nearly 90 percent of the Ford portfolio in North America will be trucks, utilities and commercial vehicles", Ford CEO Jim Hackett said in a statement.

In their quarterly report, Ford Motor Company confirmed their plans to discontinue the Fiesta, Focus, Fusion, C-Max, and Taurus models in the coming years, AutoBlog reported. In the next couple of years, Ford plans to have as many as six high-performance SUVs on the market including a fully electric model. The accelerated 2020 targets are enabled by $11.5 billion of cost and efficiency opportunities that span the entire company and include engineering, marketing and sales, manufacturing, material cost and IT. The company previously predicted $14 billion in cuts by 2022.

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“Were starting to understand what we need to do and making clear decisions there, ” Hackett said.

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Ford will continue sales of the Focus, Fiesta, and Fusion (known globally as the Mondeo) in Europe.

The 2019 Ford Mustang Bullitt and the 1968 Mustang from the movie "Bullitt" are shown at the North American International Auto Show on January 15, 2018.

Revenue at Ford increased 7%, to US$41.96bn from US$39.15bn.

The news comes as Ford announced a $1.7 billion profit for the first quarter of 2018.

Investors reacted favorably to the earnings.

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Wall Street applauded the move, sending Ford shares 2.5 percent higher in early Thursday trading.

The cost savings will come by optimizing digital marketing and discounts on vehicles, as well as putting multiple vehicles on five flexible global architectures in the next few years.

So far, Ford has only said that hybrid versions of the Bronco, Mustang, F-150, Explorer, and Escape will be sold in the U.S. But more specifically it will save Ford close to $25 billion United States in operating costs between now and 2022. The company, which does still produce some auto models, shuffled production and preserved factory jobs.

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