The decision to eliminate the entire sedan lineup in North America is drastic to say the least as even Fiat Chrysler Automobiles chose to keep the Chrysler 300 and Dodge Charger when it chose to focus on trucks and SUVs.
To date, the company has been testing its self-driving technology on its Fusion sedan cars, but Ford told Quartz that it plans to develop an entirely new vehicle, unlike anything it's released to date, for when it starts producing autonomous vehicles for consumers-which the company says it'll be ready to do in 2021.
The company's stock was up 2.6 percent at $11.40 in after-hours trading.
"Where we can raise the returns of underperforming parts of our business by making them more fit, we will", Hackett said.
Ford is expecting commodity costs will be a $1.5 billion headwind this year, with about $500 million of that coming in the first quarter, Shanks said. Its global profit margin was 5.2 percent in the quarter, as higher commodity costs reduced earnings in North America.
"We will have a very diverse passenger vehicle business", Farley said. "We can make different investments, we can partner, we can exit products, markets - and we will do that".
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Ford will, however, continue to offer its full gamut of trucks, SUVs and crossovers.
"The threat of tariffs, particularly we believe on steel, had an impact on market prices", Shanks said during an interview on "After the Bell".
Ford plans to cut $25.5 billion in costs by 2022, up from a total of $14 billion the company announced to investors last fall.
The auto maker expects its annual capital expenditure to peak this year at $7.5bn, and then will be cutting costs across engineering, marketing, manufacturing and sales between 2019 and 2022, saving a total of $25.5bn.
For comparison, Ford's light truck sales rose 7.2 percent, while GM's light truck sales jumped 26.1 percent.
About $4 billion of the $11.5 billion in cuts would be accomplished in 2019 and 2020, Shanks said, with the rest occurring in the subsequent two years.
Despite the higher profit, Ford's adjusted pretax profit margin fell to 5.2 percent from 6.4 percent in the same quarter in 2017.