The company will be keeping SUVs and trucks, but they'll be cutting actual cars down to just two models.
In March, Ford executives unveiled ambitious plans to shift the struggling automaker's product portfolio from passenger cars to SUVs, add more hybrid and pure electric vehicles, and reduce development and manufacturing costs - aimed at boosting profits and the automaker's share price.
Ford also unveiled plans to pare an additional $11.5 billion in costs between 2019 and 2022.
By 2020, almost 90 percent of Ford's product lineup in North America will be trucks, SUVs and commercial vehicles.
Ford's remaining USA range will be SUVs and pick-ups, although it might introduce new "white paper" vehicles that the brand describes as combining "the best attributes of cars and utilities, such as higher ride height, space and versatility".
Earlier in the year, Ford said that by 2020, it would have the "freshest lineup among all full-line [US] automakers", stating that the average showroom age will drop from 5.7 to 3.3 years. The 9% increase in quarterly profit can be nearly entirely attributed to a drop in the automaker's effective tax rate to 9% from 28.6%, Ford officials said. These reductions would come on top of the $14 billion in cuts that the automaker previously announced in the fall. They will instead focus on building trucks and SUVs.
Ford is widening its hybrid drivetrain line-up to include the Escape SUV, sold as the Kuga in Europe, amid declining demand for diesel engines in the region. As consumers in North America slowly choose trucks, SUVs, and crossover vehicles, interest in sedans and small cars has been dropping. The company also is reviewing its strategic plans for South America. By white space, Ford refers to vehicles that don't fit into typical categories.
Ford posted a net profit for its first quarter of $1.74 billion equal to 43 cents a share, up from last year's first quarter of $1.6 billion equal to 40 cents a share. By 2021, Ford projects it will surpass Toyota and become the leader in the USA hybrid vehicles market in terms of sales, in part thanks to the hybrid F-150 and Mustang.