Ford said it plans to stop selling all Ford brand sedans in North America and that it is nearly doubling its cost-cutting target. The automaker said it will either fix or eliminate unprofitable global operations.
Jim Hackett, the man named to replace Mark Fields as CEO of Ford, spent most of his career running a Michigan furniture maker before Fields tapped him to steer Ford's investments in new forms of mobility.
General Motors defied a slowdown in its U.S. home market while losses in Europe mounted. The company's European chief, Karl-Thomas Neumann, said the launches of new products including the Insignia family and two crossovers will boost the regional unit this year.
General Motors said it will be the first company to mass-produce autonomous vehicles, with test versions of Chevrolet Bolts equipped with self-driving technology planned to start rolling out of a Michigan plant in January.
GM narrowed its third-quarter loss in Europe but warned that achieving its target to break even in Europe this year would be "very challenging" after the UK's vote to quit the EU. The collapse of the pound has hit the automaker's European operations.
Ford CEO Mark Fields is working to prepare the automaker for a future in shared and autonomous vehicles by adding mobility services to its portfolio. He discussed this and more in an interview with Automotive News Europe sister publication Automotive News.
Ford's overhaul of the Mustang, which included opening sales in 81 more countries to turn it into a global halo for the automaker, is paying off. Demand has been especially heavy for the first-ever right-hand-drive Mustang, which went on sale late last year in 25 markets where the car had been virtually off-limits previously.
Ford plans to introduce an autonomous vehicle by 2021 for use in a ride-hailing or ride-sharing service. Ford said the vehicle would be “specifically designed for commercial mobility services” and built in high volumes.