Ford said it will explore "white space" vehicle designs that are essentially crossovers or faux-utility vehicles that disguise their traditional auto shapes with higher ground clearance, body cladding, and all-wheel drive.
It will go forward with only two cars in its lineup: the Mustang and a new hatchback called the Focus Active that will take the place of the current Focus compact. There's also the potential for new cars combining the "best attributes of cars and utilities, such as higher ride height, space and versatility".
Shanks wouldn't say if employees would be cut but said nothing is off the table.
This news comes as part of Ford's "fitness" plan, outlined by CEO Jim Hackett previous year, in which he said the Blue Oval would cut its operating costs by $14 billion by 2022.
"Very good chance" of a US-China trade deal
He said the Chinese market is not open, and the large trade imbalance needs to be addressed. They came here recently, and we're going there.
"We will refresh our entire lineup of traditional crossovers and SUVs that everyone knows, like Explorer and Escape", said Jim Farley, Ford's president of global markets. In fact, it looks as though the Mustang and an upcoming Focus Active crossover are the only cars that will survive the cuts. He said the Lincoln brand as a whole is not in danger but noted that it lost money in China because it is in ramp-up mode there after being introduced in 2014.
President Donald Trump's announcement to impose a tariff of 25% on steel and 10% on aluminum comes at a tough time for USA automakers, which have faced flattening sales in recent months.
Hackett also announced that Ford Motor will implement $11.5-billion in cost reductions by 2020, on top of $14-billion in cost reductions announced earlier. Ford's marketing and sales division is likely to see a large portion of cost reduction.
Ford made the announcement on the day it beat its Wall Street earnings estimates. "I don't think they're done yet".
Arsene Wenger: I want to manage another top European club
Ahead of a huge tie for Arsenal and their departing manager, we take a look at some of the factors which could decide it. My job goes to May, then I will go to the World Cup and see England win the World Cup.
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.
He said the company will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion.
Ford's revenue worldwide increased 7% to $42 billion for the quarter. Its Asia Pacific business swung to a $119 million loss, from a $148 million profit a year ago. But the company's profit margin slipped to 5.2 percent from 6.4 percent a year earlier.
WhatsApp now banned for children and teens under 16 in some places
Teens aged between 13 and 15 will have to get permission from their parents to share personal information on the app. Twitter is also giving users more control over how it shares certain non-public data.