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Ford defends plan to shareholders: ‘We're simply reinventing the American car’

Ford's top executives took heat from shareholders over their plan to do away with sedans as we know them in Ford's North American lineup, as the company held its annual meeting Thursday. Critics said the plan to shelve the Fiesta, Focus and Taurus, reduce the Focus to one crossover model, and concentrate on high-margin trucks and SUVs was a shortsighted abandonment of entire market segments of affordable vehicles. "This doesn't mean we intend to lose those customers," Ford CEO Jim Hackett said. "We want to give them what they're telling us they really want. We're simply reinventing the American car." Ford has said SUVs/crossovers and pickups will constitute 90 percent of its North American lineup by 2020. And though only the Mustang and new Focus Active will remain, it plans to add new vehicles going forward that offer better fuel economy and utility, including EVs and hybrids. Hackett characterized the shift not as an abandonment of traditional cars but as a transformation of them. "We don't want anyone to think we're leaving anything," Hackett said. "We're just moving to a modern version. This is an exciting new generation of vehicles coming from Ford." It was Hackett's first annual meeting as CEO, and for the second year it was conducted online rather than in person. The change to Ford's lineup is part of Hackett's overall plan to cut $25.2 billion in costs by the year 2022. Executive Chairman Bill Ford Jr. blamed the negative reaction to the lineup plan on media coverage. "I wish the coverage had been a little different," he said. "If you got beyond the headline, you'll see we're adding to our product lineup and by 2020 we'll have the freshest showroom in the industry. The headlines look like Ford's retreating. In fact, nothing could be further from the truth." While Ford was clear about its plans for the Blue Oval, it has been less clear about the Lincoln brand. Hackett on Thursday said only that the Lincoln Continental, re-introduced just two years ago, would continue "through its life cycle" — but it has been such a slow seller that rumor has Ford killing the Continental again after that, and Hackett made no mention of a new generation. Presumably the MKZ sedan will go away when its twin the Ford Fusion does, but although Ford has outlined end dates for other models, the Fusion's departure is open-ended. The stock price has been a frustration for investors for years and has fallen 12 percent since the first of the year.

Ford rolls out Vignale Mondeo for upscale European buyers

North American buyers looking for a luxury automobile from Dearborn know to turn to Lincoln, but overseas, the Ford brand itself appeals to upscale customers with its own products. The Blue Oval automaker unveiled a premium take on the Taurus for the Chinese market at the Shanghai Motor Show this weekend, and in Europe it's rolling out the Vignale sub-brand with the model you see here. Previewed in concept form a year and a half ago at the Frankfurt Motor Show, the Vignale line revives the name of a storied Italian coachbuilder that Ford acquired (together with Ghia) back in 1973. Now ready for production, the first Vignale model upgrades on the Mondeo (which we know as the Fusion) with a number of high-end features. The cabin space is altogether more luxurious, featuring high-end, laser-cut leather trim with hexagonal quilting and "tuxedo" stitching. The multi-contour front seats have a massage function, and occupants are better isolated from the road via upgraded sound insulation and active noise cancellation. The Ford Vignale Mondeo benefits from all the latest safety-convenience and infotainment technologies, including an optional Sony digital audio system with twelve speakers. The exterior is made to look more upscale as well, with unique metallic paint finishes, special chrome trim, 18-inch alloys and the requisite special badging to set it apart from ordinary Mondeos. Buyers will be able to choose between sedan or wagon body styles, front- or all-wheel drive and from a number of engine options. There's a 2.0-liter EcoBoost four with 237 horsepower, a 2.0-liter turbodiesel available with 177 or 207 hp, and a gasoline-electric hybrid system with 184 hp. Each vehicle is hand-finished and individually inspected at the Vignale Centre at Ford's plant in Valencia, Spain, and will be offered through select dealerships outfitted with premium Vignale Lounges. Customers will also benefit from access to a dedicated "relationship manager," customer assistance operators on call 24 hours a day and a companion app, but of course none of these features come cheap: At around GBP30k in the UK, the price of a Vignale Mondeo comes close to that of an Audi A6 or Jaguar XF, and it'll be up to individual buyers to decide whether the spruced-up Fusion is worth the premium. Look for a Vignale version of the S-Max to follow.

Ford's new GT Le Mans racer sounds awesome

Ford showed its new GT Le Mans racecar this morning, and we're stoked. The gorgeous new racecar will run in the LM GTE Pro class in the FIA World Endurance Championship and United SportsCar Championship, followed by a four-car showing at the 2016 24 Hours of Le Mans. For those keeping track, the 2016 race will mark the 50th anniversary of Ford's big Le Mans victory in 1966. In addition to images and some limited information, Ford released this video of the Le Mans racecar, and we haven't been able to stop watching. This thing sounds amazing, and it looks super cool racing through the streets of Paris, even if it's all just CGI. Thus, we figured we'd pull the video out again, just in case you missed it the first time. Turn your volume up. This one's really good.