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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.

2019 Lincoln Nautilus replaces the MKX, adds a price increase and tech

The 2019 Lincoln Nautilus forms the next step in Lincoln's overhaul. Replacing the crossover formerly known as the MKX — the brand's best-seller in the U.S. — the Nautilus gets all-new sheetmetal from the A-pillar forward. This includes a mesh grille and chrome accents that bring the midsize CUV in line with the Continental sedan and Navigator full-sized SUV. A new base engine and more standard equipment help pad a price increase, the Nautilus starting at $40,340, plus $995 destination, for $41,335 total. That's a $1,305 price bump over the MKX, and just $255 short of the starting price of the crosstown rival Cadillac XT5. Optional all-wheel drive adds $2,495. The "Premier" appellation for the entry-level model goes away — it's now just Nautilus. The Select, Reserve and Black Label trims carry over. Lincoln said the new interior bestows best-in-class headroom and legroom. The standard model comes with 10-way power seats, a 12.3-inch digital dash, an eight-inch infotainment display with Apple CarPlay, Android Auto, and Sync 3, and 18-inch wheels. The $45,540 Select adds leather seats, heated steering wheel, navigation, and LED fog lights. The $49,870 Reserve puts climate control in those seats, a panoramic roof overhead, a 13-inch Revel audio system all around, and 20-inch wheels below. The $57,890 Black Label upgrades to Venetian leather seats and Alcantara headliner, a 19-speaker Revel Ultima stereo, and 21-inch aluminum wheels, plus a host of exclusive interior materials, and anytime car washes. The standard engine goes down in power: the 2.0-liter, twin-turbo, four-cylinder EcoBoost puts out 245 horsepower and 280 pound-feet of torque, replacing the 3.7-liter V6 that got 303 hp and 278 lb-ft. Yet the old 3.7-liter made do with a six-speed automatic, while all Nautilus models get Ford's new eight-speed automatic, and the EcoBoost comes with start/stop. The optional engine, available on Select, Reserve, and Black Label trims, remains a 2.7-liter twin-turbo V6 with 335 hp and 380 lb-ft, and costs a further $2,070. The Nautilus introduces Lincoln Co-Pilot 360 to the range, which bundles features such as automatic emergency braking with pedestrian detection, a backup camera, and blind-spot information with cross-traffic alert. You can play around with all the options on the Nautilus configurator. While you're there, spare a thought for the MKZ sedan and MKT crossover.

Ford's China sales keep falling, down 30% in third quarter

BEIJING — Ford's July-to-September vehicle sales in China fell 30%, as the U.S. automaker continued to lose ground in a prolonged sales decline in its second biggest market. The Dearborn, Michigan-based automaker delivered 131,060 vehicles in China in the third quarter, Ford said in a statement. Ford's sales in China fell 35.8% in the first quarter and by 21.7% in the second quarter. In the third quarter, sales of the automaker's mass-market Ford brand fell 37.7%, while its luxury division Lincoln saw sales drop by 24.1%. It delivered around 421,000 vehicles in the first nine months of the year, according to Reuters calculations. Ford has been struggling to revive sales in China after its business began slumping in late 2017. Sales sank 37 percent in 2018, after a 6 percent decline in 2017. The automaker plans to launch more than 30 new models in China over the next three years, of which more than a third will be electric vehicles. It also said it would localize management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners. Ford has launched a series of new models in the third quarter in China, including Focus, Edge, and the electric Territory. In China, Ford makes cars through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors. It has said it would partner with Zotye Automobile Co to sell lower-priced cars, but there seems to have been little progress. In a series of moves, Ford named a new president for its main local venture, Changan Ford, in August and said it would enhance its partnership with Changan through research, production and marketing cooperation in September. Ford is also planning to revamp some of its existing manufacturing facilities with Changan to localize production of its premium brand Lincoln. Changan Ford's sales down by around 33.5% in the third quarter, according to Reuters calculations based on Changan's filings. Ford rival General Motors' July-to-September vehicle sales in China fell 17.5%, to 689,531 vehicles. As GM and Ford China sales extend declines, U.S. car companies' market share of total China passenger vehicle sales fell to 9.5% in the first eight months of this year, from 10.7% in the year-ago period, according to the China Association of Automobile Manufacturers (CAAM). Over the same period, German carmakers' share has risen to 23.8% from 21.6%, and Japanese automakers' share rose to 21.7% from 18.3%.