The automaker said first-quarter capital expenditures were more than $500 million higher because of investments in the pickup trucks and a family of low-priced compact vehicles under development with Chinese partner SAIC Motor Corp Ltd 600104.SS .
Ford announced Wednesday that it plans to end production of the Taurus and other sedans to meet growing consumer demand for SUVs. Expect more crossovers and SUVs, then, or cars that Ford describes as combining "the best attributes of cars and utilities", as the brand switches focus.
Ford will strip its North American lineup of passenger cars, transitioning to an nearly exclusive SUV and pick-up lineup, with the Mustang to remain as the only low-riding vehicle in dealerships.
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.
In 2017, the company's pretax profit fell to $8.4 billion from $10.3 billion.
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Ford said in its 2018 first quarter statement that it would introduce hybrid-electric powertrains to "high-volume, profitable vehicles" such as the F-150 pick-up, Mustang and Explorer, Escape and Bronco SUVs.
The latest planned reductions will come from areas including engineering, materials costs, marketing and sales. Initially, those cars were built by hand and later were produced on the world's first moving assembly line, an advance that allowed the company to mass produce their vehicles, according to History.com.
A memo released by the company for 2017 showed truck and SUV sales climbed 4.3% compared to 2016, while passenger auto sales dropped by 15.2%.
Ford's decision makes Fiat Chrysler's move in 2016 to ax two of its sedans appear tame.
The news Ford is patching up its lineup to dispose of vehicles and spotlight on hybrid and SUVs doesn't mean Ford's not taking a gander at making new items.
Ford took steps on Wednesday to bolster its operations in China, a key overseas market, where sales have been flagging.