In its statement, Ford said it will rely exclusively on a two-car lineup, the new Focus Active-a raised, body-cladded version of its all-new Focus hatchback (a crossover, in other words)-and the Mustang.
"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.
Ford shares rose 2.6 percent to $11.40 in after-hours trading on Wednesday.
The only cars Ford will renew for the North American market are the Mustang, which is to be replaced with a new model in calendar 2020, and the new Focus Active, which, anyway, the company describes as a crossover SUV.
Ford didn't quite get out of the auto business when it released its first-quarter earnings Wednesday, but it did take a few steps closer to selling nearly nothing but sport- or crossover-utilities, pickup trucks and commercial vehicles.
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WireImage Catherine, Duchess of Cambridge departs The Lindo Wing with Prince George at St Mary's Hospital on July 23, 2013. Carole was also on hand to help with the school run as she was pictured collecting Prince George , four, from school.
Ford announced it will not invest in new sedans in North America but will keep Mustang and a new crossover with the Focus nameplate.
The company said its net income for the quarter rose 9 percent due largely to a lower income tax rate, as the automaker promised additional efficiencies in the coming years.
The automaker has been under pressure from Wall Street investors to improve its product lineup and lift its profit margins. The company previously predicted $14 billion in cuts by 2022. We have looked at every single part of the business.
Despite the higher profit, Ford's adjusted pretax profit margin fell to 5.2 per cent from 6.4 per cent in the same quarter in 2017.
One-third of Ford's belt-tightening will come by the end of 2020, Shanks said.
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The question is whether he could replicate that with a team like Orlando. "They're both great people off the court". New Orleans had gone up by as many as 15 points in the second half, before Portland surged back into the hunt.
Ford made $1.74 billion from January through March, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago.
The lion's share of the automaker's quarterly profit was driven by high-margin pickup trucks and SUVs in North America.
Earlier this month, Ford unveiled five new models for China, the world's biggest auto market for 2018, part of a business revitalization effort centered around a plan to launch over 50 new or redesigned vehicles by 2025.
That means the company will no longer sell the Fusion midsize auto, Taurus large vehicle, Focus compact and Fiesta subcompact in the region as the market continues a dramatic shift toward trucks and SUVs. The company is considering exiting or selling money-losing operations in Europe and South America, its chief financial officer, Robert L. Shanks, told reporters.
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The device will come running Android 8.0 (Oreo) operating system packed with a 3000mAh battery that has turbocharging support. The final variant is priced at Yuan 1999 and comes with 6GB RAM and 128GB storage , which in India amounts to Rs 21,100 plus.