Ford CEO Plans $11.5 Billion More Cuts, Pulls Ahead Margin Goal

The all-new Ford Focus

Among the vehicles that will be discontinued are the midsize Fusion and the full-size Taurus, the company said. In 2017 the company's pretax profit fell to $8.4 billion from $10.3 billion. The company announces cost and efficiency actions across the business of $11.5B and plans to lower capital expenditure spending by $5B from 2019 to 2022.

By 2020, Ford points out, it expects nearly 90-percent of its portfolio in North America to be trucks, utilities, and commercial vehicles.

In a statement, Ford said it won't invest in new generations of sedans for the North American market, eventually reducing its auto lineup to the Mustang and the all-new Focus Active crossover coming out next year.

Ford Motor Company will reduce its number of vehicles to two vehicles by 2020. Ford Chief Financial Officer Bob Shanks told The Detroit News Wednesday that "Everything is on the table", including abandoning certain products and markets, which is exactly what we should expect.

"We are driven to turn this business around".

Ford reported first-quarter earnings after the markets closed on Wednesday and beat analysts expectations, with a profit of $0.43 per share and revenue of $42 billion.

The Handmaid's Tale continues
Cinematographers Colin Watkinson and Zoe White make use of a lush color palette to covey pivotal moments in the second season. June is separate and mostly on her own, trusting in the providence of Nick (a good guy, apparently) and other strangers.

The No. 2 USA automaker reported a first-quarter net profit of $1.74 billion, or 43 cents per share, up from $1.6 billion, or 40 cents per share, a year earlier.

Beats earnings estimates. The company reported earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 41 cents per share.

Automotive segment revenues totaled $39 billion for the quarter, up by $2.5 billion year over year but automotive pre-tax margin slipped by 1.1 percentage points to 7.8%.

The company's loss in its Asia-Pacific region was down to a slump in sales in China.

Make it your business.


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