Ford Motor Company (NYSE:F) had a mixed quarter that saw shares decline late in the day.
Ford’s adjusted pretax profit was $1.7 billion. “In 2017 we made tremendous progress in laying the foundation for our strategy — smart vehicles in a smart world — from accelerating our connected vehicles plans to expanding our AV and EV work,” said CEO Jim Hackett.
The company said 2018 may be rocky year for the carmaker as its profit will fall, resulting in a sharp selloff that will set the company back about $4.2 billion in market value. Ford currently has a market capitalization of $47.87 billion.
CEO Jim Hackett said the company plans on reducing costs by $14 billion over the next five years by dropping some car models from its lineup and turning its focus towards more luxurious sport utility vehicles and pickups.
“We are intensely focused on improving the operational fitness of our business to deliver strong results while continuing to build toward our vision of the future,” Hackett said.
F stock fell nearly 0.8% after the bell Wednesday.