Ford plans more SUVs, fewer cars, aims to pay billions to shareholders

Share

We kicked off a new winning aspiration, which is: "smart vehicles for a smart world".

Chairman Bill Ford said the auto maker would have 40 hybrid and fully electric vehicles in its range by 2022.

Daimler said that it will spend at least United States dollars 11.7 billion to introduce 10 pure electric and 40 hybrid models, and that it intends to electrify its full range of vehicles, from minicompact commuters to heavy-duty trucks. But US and German auto executives said in interviews on the sidelines of the Detroit auto show that the bulk of those investments are earmarked for China, where the government has enacted escalating electric-vehicle quotas starting in 2019.

The U.S. automaker forecast adjusted earnings of US$1.45 to US$1.70 a share this year, down from about US$1.78 last year.

The 2018 Detroit Auto Show, more formally known as the North American International Auto Show (NAIAS), is underway, and while many international and local carmakers are present, one particular name is noticeably absent - Tesla.

Performance vehicles-electric and gasoline-and more SUVs and crossovers are key for Ford's next few years, executives told investors Tuesday.

More news: Pope Francis Weeps With Sex Abuse Victims as Protests Continue in Chile
More news: Dylan Farrow: 'I'm telling the truth'
More news: 4 law enforcement officers shot in York County

Reuters estimates automakers have now committed a global total of at least $90 billion to building electric cars.

Ford to invest $11 billion into electric cars.

Jim Hackett also announced late last year that Ford would cut approximately $14bn in costs over the next five years, as it shifted investment away from sedans and internal combustion engines and towards electric and hybrid cars.

"We'll focus our vehicle portfolio on higher-revenue, higher-margin auto segments", Farley said Tuesday during a presentation for Deutsche Bank. The company will begin production of a hybrid version of its popular F-150 truck at a plant in Dearborn, Michigan, in 2020.

"The big question is how quickly consumers will adapt, as electric is only 1% of the market right now". One aim of Ford's "Team Edison" is to identify and develop electric-vehicle partnerships with other companies, including suppliers, in some markets, according to Sherif Marakby, vice president of autonomous vehicles and electrification.

Share