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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 recalls 90,736 vehicles due to engine valve issue

Ford will recall 90,736 vehicles as engine intake valves in the vehicles may break while driving, the National Highway Traffic Safety Administration (NHTSA) said on Saturday. The recall impacts certain 2021-2022 Bronco, F-150, Edge, Explorer, Lincoln Nautilus, and Lincoln Aviator vehicles equipped with either a 2.7L or 3.0L Nano EcoBoost engine, the NHTSA said. According to documents posted by NHTSA and sourced from the automaker, "The engine intake valves may break while driving, which can result in engine failure and a loss of drive power." Following an investigation that started in January, 2022, Ford found 22 instances where "the engine intake valves fractured and fell into the combustion chamber of the engine causing catastrophic engine damage." The automaker's analysis continues: "Ford identified that the potential root cause of the failures was engine intake valve failure due to valves that exceeded the designed specification for hardness, were brittle, and more likely to fracture. Ford determined that this was due to the supplier’s grinding processes and the sensitivity of the intake valve material to grinding processes that were not within control specifications. The intake valve material was changed for vehicles produced after October 31, 2021." Fixing the problem will require replacement of the entire engine. "Dealers will inspect each vehicle to determine its cumulative number of engine cycles. For vehicles that do not meet the engine cycle threshold, dealers will accumulate high revolutions per minute (rpm) engine cycles per a service procedure. Engines will be replaced on vehicles that do not pass the engine cycle accumulation," Ford says.

How the Lincoln Continental Concept almost wasn't

That Lincoln Continental Concept that everyone is so excited about? It almost didn't happen. Speaking at the private reveal event for the concept yesterday, Ford Motor Company CEO Mark Fields revealed that when the design team started working on the vehicle that eventually became the Continental, the designers thought it was just another full-size luxury concept, and were turning in ideas to match. The problem, Fields said, is that this was an important vehicle to get right. "A full-size luxury sedan for a luxury brand is a very important marker that, I think, sets the beat for the brand and it creates a lot of awareness and favorability if you do it right," he said. "As we were designing this concept ... we reviewed with the designers the themes. The first couple of themes the team came with really didn't do it for us because we want to make sure that every vehicle that we bring out with Lincoln moves the brand forwards in a big way. So we went through the first couple of them and we really didn't get that kind of 'oomph' in the pit of our stomach." The team was stuck with an upcoming debut and nothing exciting to show for it, until the past was brought into the present. "In one of the design reviews, we were looking around at everyone and we mentioned, you know what, why don't we call this the Continental Concept? And I have to tell you, the body language was unbelievable in the design showroom. Everybody's head snapped up and you could see everybody's eyes widen and they started nodding and they said, 'now we get it.'" Aside from the Navigator, every vehicle Lincoln currently sells is simply named a trio of letters that start with M and K. Fields knew that the large luxury segment sedan is important for a company like Lincoln, with about 1.8 million units sold last year and an expected growth to around 2 million units by the end of the decade, he said. "When you think about where that growth is coming from, it's still a substantial segment here in the US, it's a very substantial segment and even more substantial segment in China. As a matter of fact, that segment grew by 17 percent last year and China is the largest market for full-size luxury sedans." Given the positive reaction to the Continental Concept thus far, bringing the name back from the dead might be just the thing Lincoln needed.