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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.

2020 Lincoln Corsair Review & Buying Guide | Old-school, value-priced luxury

The 2020 Lincoln Corsair is a compelling alternative to the compact luxury crossover establishment. It’s distinctively stylish inside and out, very spacious, and it clearly focuses on comfort rather than performance. Not only that, it has a base price that's thousands of dollars cheaper than its German rivals. It has a couple of drawbacks. Its quest for comfort does sacrifice some of its handling capability, and its overseas rivals still have nicer cabin materials. But there are enough positives that youÂ’ll still want to give the Corsair a closer look. What's new for 2020? The Lincoln Corsair is a completely new model introduced this year. It replaces the Lincoln MKC, and like that crossover, the Corsair still shares its platform with the Ford Escape. 2020 Lincoln Corsair Beyond Blue interior View 9 Photos What's the Corsair's interior and in-car technology like? While the Corsair is based on the Ford Escape, you wouldnÂ’t be able to tell from the inside, and thatÂ’s a very good thing. The little Lincoln crossover has a unique interior, both in relation to the Escape and to the rest of its luxury segment. There's nothing remotely like it. The dashboard itself is low and wide, emphasized by the split-level design and the faux full-width air vent. The center stack has a cantilevered design that floats above the center console area and features chrome-plated switches and knobs. Base models get a stylish pinstriped aluminum trim panel on the dash paired with one of three upholstery color options including black, gray and beige. However, the Reserve steps things up considerably with differing wood and metal trim choices that correspond to the expanded leather color options that include a camel tan and dark turquoise (pictured above). All Corsairs get an 8-inch touchscreen infotainment system mounted high on the dash within easy sight and reach. It uses a reskinned version of the latest Ford SYNC interface. The layout is straightforward and easy to navigate, and the more muted color options on the Lincoln system are easier on the eyes than the stark white Ford version. ItÂ’s a little bit slow to load new menus, though, and this carries over to the optional 12.3-inch instrument cluster screen available on the Reserve trim. The Corsair comes standard with an analog instrument cluster with a 6.5-inch info screen. We appreciate that many stereo and climate controls have dedicated switches and knobs on the center stack, and they have a nice heft to their actions.

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.