Ford Motor Co. Chairman Bill Ford sought to reassure investors today that the company's decision to discontinue several of its sedans isn't a retreat but would instead help reshape the company's lineup.
While speaking at a meeting with investors, the great-grandson of Henry Ford promosed "fairly large" changes in the coming year that will build on its shift away from sedans and significant investment in electrification, reports Reuters.
CEO Jim Hackett has pledged to cut $25.5 billion in costs by 2022, a "fitness effort" that should help the company get "back into fighting shape," Ford said, reports Bloomberg.
Company executives expects to retain its customers by focusing on more popular models such as the F-150 pickup and Lincoln Navigator large SUV.
"We want to give them what they're telling us they really want," Hackett said. "We're simply reinventing the American car."
In late April, Ford announced plans to phase out most of its sedans by 2020 and offer a lineup that's 90% trucks, SUVs, and commercial vehicles. It would also retain the Mustang and a crossover version of the Focus. That would lead Ford to discontinue the Focus sedan, Fiesta, Taurus, C-Max, and most likely the Fusion midsize sedan.
Related: Ford Phasing out Most Sedans by 2020