And Ford is not the only American vehicle company scaling back production of sedans.
Ford also unveiled plans to pare an additional $11.5 billion in costs between 2019 and 2022.
Mr Hackett told investors the company is undergoing "a profound refocus" of its operations and is planning to get rid of unprofitable business. Shanks said the higher commodity prices were largely to blame. In the next couple of years, Ford plans to have as many as six high-performance SUVs on the market including a fully electric model. In a conference call on Wednesday, the chief executive said Ford will outline a full turnaround plan for investors and analysts on September 26. For instance, the new Ford Bronco off-roader is on the way.
The company reported a first-quarter net profit of $1.74 billion, or 43 cents per share, up from $1.6 billion, or 40 cents per share, a year earlier.
The automaker's pre-tax profit fell 14% to $2.2 billion for the quarter. Could Ford of Europe be on the bubble? Ford is losing money while tying up precious capacity at plants across North America to build cars that fewer and fewer customers want. Its margin in North America fell to 7.8 percent from 8.9 percent.
The 2019 Ford Mustang Bullitt and the 1968 Mustang from the movie "Bullitt" are shown at the North American International Auto Show on January 15, 2018.
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By 2020, Ford said, almost 90 percent of its portfolio in North America will be trucks, utilities and commercial vehicles.
Ford isn't going to invest in the next generation of its "traditional" saloon (sedan) line-up in the States. Of course we know that trucks are popular in America, but this move demonstrates manufacturer belief that the current desire for SUVs shows no signs of abating either.
Last year, Hackett also formed a new internal team, called "Team Edison", to oversee electric vehicle programs and he shifted one-third of internal combustion engine investments to electric cars, but the company is still investing more in the former than the latter. They will be available as both gasoline- and battery-powered versions.
The deep cuts to Ford's vehicle lineup are part of the company's goal of creating "a winning portfolio and focusing on products and markets where Ford can win", the company said.
The company has previously hinted at scaling back in its consumer auto department in favor of two other markets: trucks and SUVs.
"We have seen the trend go where Ford and even preowned sales are gearing towards the truck and SUV more so than the sedan". But since then, Ford has been slow to roll out the new sorts of SUVs that have caught favor with American consumers, and it let costs creep higher.