Not to worry, Ford won't kill off the iconic pony vehicle but the rest of the range will be axed in succeeding years.
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Currently, Ford sells six sedans and coupes in North America with the Fiesta, Focus, Fusion, C-Max, Mustang and Taurus. "That's on top of about $14 billion in efficiencies the company had already promised to achieve in the next several years", Neal E. Boudette reports for the New York Times. In addition to putting hybrid-electric power trains into high-volume sellers in its SUV and truck line, the company will roll out a "performance utility" vehicle powered by an electric battery in 2020. "In a conference call on Wednesday, the chief executive said Ford will outline a full turnaround plan for investors and analysts on September 26", the NYT's Boudette reports.
Ford Credit's profit jumped 33 percent to $641 million, while the automaker's fledgling mobility ventures lost $102 million, 59 percent more than a year ago. The full plan may not be revealed until September. The company had previously expected to spend about $34 billion in capital from 2019 to 2022 and has now cut that by $5 billion, to $29 billion over the same period.
Exiting most of the vehicle business comes as the US market continues a dramatic shift toward trucks and SUVs.
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Ford said it is exploring new white space vehicle silhouettes combining attributes from cars and utility vehicles, it plans to bring five new vehicles between the smallest and largest utility vehicles. Ford stock rose almost 3 percent in after-hours trading Wednesday to $11.40. This probably will be the kind of hybrid that boosts performance, but it also might be created to give a slight uplift in the fuel economy department. The SUV lineup also grows with the Ford Bronco galloping back into the stable in 2020.
That's according to Ford Motor Co.'s new plan that calls for the elimination of all cars, except the original pony auto, by 2022.
While we're eagerly waiting to see the massive scoops of the GT500 monster, it's likely that the hybrid will also suffer cosmetic changes reflecting its new-found green attitude. The return of the midsize Ranger pickup is next year and a Raptor version can't be far behind. Meanwhile, companies like Tesla have forced the hand of traditional automakers to adopt electrification in their vehicles.
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