Ford Motor Co. is maintaining its European business, the carmaker stated on Thursday, pushing out a new car line-up Opens a New Window., laying off employees and realigning its operations Opens a New Window to enhance its financial performance in the region.
“Ford will be a more targeted business in Europe, consistent with the corporate’s global redesign,” stated European president Stuart Rowley.
Ford expects to launch three new models in the market over the subsequent five years, together with an all-electric Mustang-inspired car, part of a broader shift for the Dearborn, Michigan-based firm towards emissions-free options.
“Our future is rooted in electrification,” Rowley stated. “We’re electrifying across our portfolio, providing all of our prospects with more accessible vehicle options that are fun to drive, have improved gas economy, and are higher for the environment.”
The corporate can be focusing on sport utility vehicles and imported models for the region, according to a statement. By 2024, Ford expects to triple the variety of passenger vehicles it ships to Europe.
With the changes, it’s hoping to continue to lead in pickup sales and double profitability over the subsequent five years.
Starting on July 1, the European business can be separated into three new teams: commercial vehicles, passenger automobiles, and imports. Ford expects the shift to result in “fast decision-making centered on customer needs.”
While sales within the area improved by $256 million within the first quarter of 2019, overall revenue in Europe was down 14.6 % year-over-year.