DETROIT, Jan. 17 (Xinhua) -- Ford company, one of American major automakers, will be adjusting its vehicle production rates to meet the preferences of buyers in the U.S., Ford CEO Jim Hackett revealed.
The company will increase its truck and sport-utility vehicle production by 10 percent, while cutting passenger car production by 10 percent, Hackett told automotive analysts in Detroit Tuesday night.
Other automakers in the U.S. are making similar shift to refocus their energy on utility vehicles and trucks as they currently comprise well over half of all new vehicle purchases in the U.S.. Fiat Chrysler is cutting its car production in the U.S. and replacing it with Jeep and utility vehicles.
With the large number of truck and sport-utility debuts at this year's North American International Auto Show (NAIAS), it appears that automakers are looking to ensure they have trucks and utility vehicles for every taste.
Ford unveiled the Ford Ranger midsize truck, which is a truck segment that has exploded in the last two years, and earlier this year announced it will begin importing a small SUV from India called EcoSport to continue filling holes in its product lineup.
Hackett acknowledged the shift in preferences by U.S. consumers, however, he wasn't ready to kill passenger cars altogether, noting that the Ford Mustang was the most popular-selling sports car in Germany.
He provided a somber assessment of the company's sales forecast for 2018, saying it would be "a flat year."
When all the numbers are in for 2017, Ford announced preliminary results of 1.95 dollars EPS, an increase of 80 cents from a year ago, and adjusted EPS of 1.78 dollars, an increase of two cents from a year ago and in line with the company's most recent guidance.
The company also plans to look for ways to cut costs. Jim Farley, Ford president of Global Markets, noted the company is looking to cut 200 million U.S. dollars in costs.
