hp for ($i=0; $i]+>!is", "", $news['Contains'][$i]['Body']); ?>

Ford To Stop Making Most Cars, Focus On SUVs And Trucks

Workers assemble a vehicle at the Ford Chicago Assembly Plant in a file

The No. 2 automaker in the USA said it is now planning to cut up to $25.5 billion by 2022 in costs, which is up from its previously announced amount of $14 billion last fall.

"We'll restructure as necessary, and we'll be decisive", he said.

"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".

The company's stock was up 2.6 percent at $11.40 in after-hours trading. The company is cutting all of its cars, with the exception of the Ford Mustang, to better cater to current wants of vehicle buyers of trucks, crossovers and sport-utility vehicles.

Ford said it would "not invest in next generations of traditional Ford sedans for North America", and instead would be transitioning towards only selling two models of cars in the region - the Mustang and a new Focus Active crossover, which is coming out next year.

The auto manufacturer has been under pressure from Wall Street investors to improve its product lineup and lift flagging profit margins.

Ford's North American pretax profit fell 9.2%, to $1.94 billion, with commodity costs accounting for more than the entire decline.

'Kanye is over': Fury after rapper tweets support for Trump
West renewed speculation that he will seek higher office himself, tweeting "2024", a presidential election year. So I'm glad he tweeted about the state of his company and all of the exciting things happening.

Ford has announced it is dropping all but two of its passenger cars in a move to cut costs and meet the demands of consumers that increasingly opt for larger vehicles.

"Everything will be on the table" to fix the company, Chief Financial Officer Bob Shanks said last week.

"We are committed to taking the appropriate actions to drive profitable growth and maximize the returns of our business over the long term", said Jim Hackett, president and CEO, in a statement.

However, the company's pre-tax profits were $2.2 billion, a 14% drop compared with last year's result, which was attributed to commodity price increases and unfavorable exchange rates.

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

By 2020, nearly 90 percent of the Ford Motor company portfolio in North America will be trucks, utilities and commercial vehicles. Joe Hinrichs, Ford's head of global operations, said other vehicles will replace the cars at factories in Mexico and Chicago where they are now built.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only.

Related News:



Most liked

Hardware failure led to Toronto stock exchange shutdown, says TMX
The S&P/TSX Index was up 31 points or 0.2 per cent at 1:39 p.m., the last time Friday's trading volume was updated on all charts. The Ontario Securities Commission, meanwhile, referred all questions regarding the outage back to the exchange.

Cowboys Aquire Tavon Austin From LA Rams
They also selected Alabama running back Bo Scarbrough in the 7th round with the 236th overall pick. After restructuring his contract, Austin will cost the Cowboys $5 million next season.

Chiefs Go Front Seven Heavy in Rounds Two and Three
In 2015, they were neck and neck with the Broncos, 2016 it was with the Raiders, and past year it was close with the Chargers. The Jackson, Mississippi native recorded nine sacks and 15 tackles for loss in three years at Ole Miss.

Coli outbreak expands; still no source identified
Because the growing season in the Yuma region is at its end, the farm is not growing any lettuce at this time. A nation-wide outbreak of E.coli that is linked to romaine lettuce has landed in Georgia.

Acuna hits first HR, leads Braves past Reds
The losing pitcher was Shackelford (0-1), who allowed the tying run to score in the eighth and put two runners on in the ninth. White Sox 6, Royals 3 • Matt Davidson hit two of Chicago's five home runs in the first six innings in a win at Kansas City.

The waiting game of naming royal babies
Well, you'd learn about Queen Victoria's husband, Albert , who lived from 1819 to 1861. He even hinted about the baby's "strong" name, without giving any further clues.

Starbucks CEO apologizes for 'reprehensible' arrest of two black men
Two black men were waiting for one of their friends in the store, located at 18th and Spruce Streets, before placing their orders. He said officers were told the men had come in and asked to use the restroom but were denied because they hadn't bought anything.

European Central Bank keeps interest rates, guidance unchanged
The currency is up 1.5 per cent against the dollar this year and just 0.3 per cent higher on a trade-weighted basis. Credit Agricole strategist Orlando Green said: "The risk is that he (Draghi) is less dovish than expected".

Olynyk's National Basketball Association season ends in loss to Philadelphia
Wade was nearly looking to replicate some kind of old history when he joined the Cleveland Cavaliers in the past offseason. Wade returned to the Heat this season after being acquired in a trade with the Cleveland Cavaliers at the trade deadline.

Apple called the new 2 reasons to switch from Android to iPhone
In addition, Apple has also released a new security update to macOS 10.13.4 that was rolled out last month. The iOS 11.3.1 update additionally improves the security of iPhone and iPad devices.

Donation to help IL with synthetic marijuana outbreak
Those who have become sick have reported coughing up blood, severe bloody noses and internal bleeding. Two men, one in his 20's and another in his 40's, have also died in Central Illinois.

No, A Monkey Can't Copyright His Selfies, Federal Appeals Court Rules
The 9th Circuit also said refusing to dismiss the case "prevents the parties from manipulating" the precedent set by the judge. According to Slater, he left his camera equipment on the ground and the monkey picked it up and snapped the photo.

Kaizer coach quits after Cup loss sparks crowd violence
The (PSL) said it would work closely with law enforcement to ensure that those responsible are subjected to the judicial process. The incident has drawn condemnation from South African Minister of Sports and Recreation, Tokozile Xasa and political parties.

Nude gunman kills four at Tennessee waffle house
The Secret Service told the Tennessean that he was there because he wanted to set up a meeting with President Donald Trump. He then went to Mountain View Apartments, a nearby complex where police think he lived, and put on clothes.

Macron weighing his response to 'red line' violation by Syria
Trump described a very specific type of target that the USA would go after, which are Syria's chemical weapon capabilities. The Elysee presidential palace did not specify where the planes were taking off and provided no further details.