Ford laid out its plans for new and refreshed vehicles coming in the next two years, as the automaker looks to capitalize on profitable models like SUVs and accelerate the development of electric cars.
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In a presentation Thursday, Ford teased the launch of a new, yet-to-be-named rugged small SUV, in addition to the previously announced return of the Blue Oval’s iconic off-roader, the Bronco. The Escape and Explorer, which account for a combined 70% of Ford’s SUV sales, will undergo redesigns by 2020.
The company also said it will continue to expand its truck business with new models and powertrains. The Ford Ranger and new F-Series Super Duty models are scheduled to debut in 2019, followed by a new F-150 in 2020. The next edition of the F-150 will offer a hybrid system.
Ford’s push to revamp its truck and SUV lineups is expected to help fund new investments in electrification. The two-year plan calls for new hybrids, which are “on the cusp of a mainstream breakout,” Ford President of Global Markets Jim Farley said. The automaker touted its new hybrid system as more efficient and less expensive. High-volume models like the F-150, Mustang, Explorer, Escape and Bronco will get hybrid versions. As for plug-in cars, Ford aims to reduce capital investment by 50% and roll out a new performance electric SUV in 2020. It will be the first of six electric vehicles from Ford by 2022.
“Our passion for great vehicles is stronger than ever,” Ford CEO Jim Hackett said in a statement. “This showroom transformation will thrill customers, drive profitable growth and further build toward our future of smart vehicles in a smart world.”
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The two-year plan comes nearly a year after Hackett took over as CEO. Hackett, the former head of office furniture maker Steelcase, pledged to reinvigorate Ford’s product portfolio and offer a clearer strategy to bring the company into a future of electric cars, self-driving vehicles and ride-sharing services. Ford’s stock had slumped under former CEO Mark Fields, as investors grew uncertain over the company’s direction.
Ford shares rose 1.1% to $11.14 in recent trading.
