The second biggest US carmaker had a rather bad day on Monday, revealing to its investors it decided to trim down the profit forecast for both 2014 and 2015. There were bright spots as well, such as the global sales outlook expansion.
With recently appointed CEO Mark Fields at the helm – he took over from Alan Mulally on July 1 – the investor day was not just filled with bad news. The profit outlook was lowered because of growing losses in certain regions (Russia, South America) and the recalls in the home territory of North America.
Jim Farley, Ford’s sales chief, on the other hand, had some positive remarks, predicting the company would raise its global sales figures from 6.2 million vehicles in 2013 to 9.4 million units by 2020.
Kumar Galhotra, Ford’s luxury brand Lincoln boss, also came with good news, as the automaker aims to triple the premium brands global sales – from 100,000 units in 2013 to at least 300,000 vehicles by 2020. The brand is also introducing two new models in the 2016-2020 time frame and the executive expects most of the sales increase to come from China, where Lincoln has just started sales.
Product development chief Raj Nair also unveiled his plans: to build 99% of Ford vehicles on nine global platforms by 2016 and then further reduce the total to just eight. Now, Ford has 90% of its models built on 15 global platforms.