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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.

GM and Ford quarterly sales continue to slump in China

BEIJING — General Motors and Ford announced their quarterly sales in China fell, albeit at a slower pace sequentially, as the U.S. automakers were hit by a slowing economy amid the Sino-U.S. trade war. GM's vehicle sales in China for the quarter ended June 30 dropped 12.2%, while Ford's sales slumped by 21.7%. While GM also suffered from heightened competition in its key mid-priced SUV segment, Ford was hurt by the limited new models for customers to choose from. For the first quarter of this year, Ford's sales in China tumbled 35.8 percent while GM's skid 17.5 percent. Still, the numbers from GM, the second biggest international automaker in China by sales, and Ford portend more uncertainty for the industry which is trying to rebound from a downward spiral that led to its first annual sales decline last year in more than two decades. GM delivered 1.57 million vehicles in China in the January-June period this year, while Ford delivered 290,321 vehicles. China's factory activity shrank more than expected in June, highlighting the need for more economic stimulus amid higher U.S. tariffs and weaker domestic demand. Annual car sales in China fell last year for the first time since the 1990s, and they are expected to fall this year too. Sales tumbled 16.4% in May from the same month a year prior, the China Association of Automobile Manufacturers (CAAM) said. That marked the 11th consecutive month of decline and followed falls of 14.6% in April and 5.2% in March. U.S. car companies' share of total China passenger vehicles sales fell to 9.6% in the first five months of this year from 10.9% in the year-ago period, according to CAAM. Over the same period, German car makers' share has risen to 23.3% from 20.9% and Japanese auto makers' to 21.3% from 17.3%. CAAM is set to announce June sales next week, which industry analysts forecast will be negative.   New models In China, GM has a joint venture with SAIC Motor Corp, in which the Buick, Chevrolet and Cadillac are made. It also has another venture, with SAIC and GuangxiAutomobile Group, in which they make no-frills minivans and have started to make higher-end cars. Sales of GM's affordable brand Baojun dropped 31.8% for the latest quarter. But luxury brand Cadillac's sales jumped 36.6%. GM sold 3.64 million units in China last year, down from 4.04 units in 2017. Ford makes cars in China through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors Corp (JMC).

2024 Lincoln Nautilus pricing is already out, and it's up

The new 2024 Lincoln Nautilus was just revealed, but now pricing is already out. Not only is pricing available to walk through, but Lincoln opened up its configurator and is allowing you to build and price one. As you might expect from a new generation with a whole lot more features, the base price is up. A 2024 Nautilus Premiere starts at $51,810, including the $1,395 destination charge — weÂ’ll note that the new Nautilus will be built in China now, but the destination fee is the same as the Canadian-built 2023 model. Overall, the new Nautilus is $5,590 more than the outgoing version. Considering that AWD is now standard equipment, and the plethora of additional tech/features now present in this new generation, the increase is no surprise. The Nautilus comes with a gas-only 2.0-liter turbo engine as standard equipment, but you can select the hybrid option for an extra $1,500. LincolnÂ’s mid-level trim is the Reserve at $56,145, which adds “premium” leather seats in the first and second rows, a leather-wrapped steering wheel, unique “jewel” accented grille and 21-inch wheels instead of the 19-inch wheels standard on the Premiere. Both the Premiere and Reserve have very expensive packages that group together a bunch of premium options — weÂ’d recommend reading through them on the configurator to see if theyÂ’re must-haves for your needs. If you want BlueCruise 1.2 (hands-free driver assist system) or one of the available Revel audio systems, though, youÂ’ll need to select one of these packages. Per usual with Lincoln, the Black Label trim is the range-topper. It comes with nearly every option as standard equipment and starts at $75,860. The biggest choices you can make here are powertrain — Lincoln still charges $1,500 extra for the hybrid in the Black Label — and then picking your exterior and interior color themes. Chalet, a cream and brown theme, or Redwood, a reddish-brown and black theme, can be selected on the inside. ThereÂ’s a $3,000 Jet Appearance Package available, too, which comes with unique wheels, fully-blacked-out exterior trim and a unique interior. You can even spend $2,000 on LincolnÂ’s fancy, new Chroma Caviar Dark Grey Metallic paint, the most expensive color in the catalog. Check all of these boxes, and you can get a Nautilus up to $82,360. At that price, you could buy an entry-level Navigator or a well-equipped Aviator.