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.
It comes as little surprise then that Ford announced that it will not pursue next-generation builds for sedans like the Fusion and Taurus, which were at one time or another major facets of its portfolio.
The shares rose 0.5 percent to $11.17 as of 4:22 p.m.in NY, after the close of regular trading.
Speaking to reporters on Wednesday as the company reported first-quarter results, Chief Financial Officer Bob Shanks said "we have looked at every single part of the business".
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.
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. As usual, North America drove Ford's profits for the quarter with pretax earnings of $1.9 billion. We will have to make choices around how we disposition those businesses going forward. The company didn't say exactly what that mean, but it sounds a lot like its current crossover vehicle models, like the Escape or the Focus Active.
The No. 2 United States automaker said it now plans to cut $25.5 billion in costs by 2022, up from a total of $14 billion the company announced to investors last fall. Europe was the only region to turn a profit for Ford.
Shanks wouldn't say if employees would be cut but said nothing is off the table. The company previously predicted $14 billion in cuts by 2022. Almost half of the cuts would be in sales and marketing - through incentive optimization, reduced advertising and other actions - with the rest coming from engineering and product development, material costs, manufacturing and information technology, in that order.
He said the company will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion. Revenue rose 7 percent to $41.96 billion. Its Asia Pacific business swung to a $119 million loss, from a $148 million profit a year ago. Ford's sedan sales dropped 8.1 percent in the past year, while General Motors saw its sedan sales slip by 11.3 percent.
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