Hyperdrive
Detroit Is Back in Retrench Mode, This Time to Make Real Money
- Ford abandons American sedans as part of cost-cutting binge
- GM exits markets including Europe; Fiat Chrysler culls cars
Ford Announces Additional $11.5 Billion in Cost Cuts
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The General Motors slogan that ushered in an era of Detroit’s ascendancy in corporate America -- “a car for every purse and purpose” -- is looking a lot like a relic.
Take Ford Motor Co.’s decision to eventually exit the business of making sedans for the North American market. While it’s one of the more drastic steps a Detroit automaker has taken to retrench lately, it’s hardly the first. General Motors Co. and Fiat Chrysler Automobiles NV also are in retreat, not due to financial peril, but because of a simple goal: