Exiting most of the car business comes as the U.S. market continues a dramatic shift toward trucks and SUVs. As usual, North America drove Ford’s profits for the quarter with pretax earnings of $1.9 billion. Shanks said Ford is “unleashing the creativity of the teams to challenge norms, challenge conventions.” Cuts and efficiencies are not done yet, he said. Ford will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion. ___This story has been corrected to read that Ford will shed all but two car models over the next four years, not the next two years.

Source: Washington Post April 25, 2018 21:01 UTC