Southfield — Ford, the more than century-old company that was the first to make cars for the masses, is calling off its pursuit of everyman sedan buyers. The company responsible for putting the world on wheels with Henry Ford’s innovative assembly line will pivot away from being a full-line vehicle maker, shrinking its passenger-car line-up and shifting only to low-volume, high-margin models. The reason? Years of coming up short on a longheld profit-margin target. Earnings disappointments cost former CEO Mark Fields his job in May, and his replacement, Jim Hackett, has since laid out plans to reorient the company around lucrative sport utility vehicles (SUVs) and pick-ups, plus play catch-up on trends that are sweeping the vehicle industry: the rise of electric, autonomous, connected and shared vehicles. "Let’s be clear: we are not satisfied with our performance," chief financial officer Bob Shanks said during an analyst conference Tuesday evening. "For the past seven months, we hav...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now