Ford's decision makes Fiat Chrysler's move in 2016 to ax two of its sedansappear tame.
It's no secret Ford is now focusing on crossovers, SUVs, pickup trucks, and commercial vehicles to increase sales in North America.
"Fiesta and Taurus could be eliminated from Ford's offerings as early as next year, but the Fusion could remain in the company's lineup for several more years", according to The Washington Post.
For first-quarter 2018, Ford reported revenue of $42 billion, up 7 percent from first-quarter 2017, and net income of $1.7 billion, up 9 percent year-over-year.
"So the changes we're making now are dramatic - we're replacing more than 75 percent of our lineup with smarter, more connected vehicles, and we intend to deliver these vehicles with improved speed and quality".
On Wednesday, the automaker said it would discontinue most its sedans in North America over the next two years. Crossovers and SUVs have quickly come to represent more than half of the total industry's USA sales, while sedans and small cars have been sinking. The 9 percent increase in quarterly profit can be nearly entirely attributed to a drop in the automaker's effective tax rate to 9 percent from 28.6 percent, Ford officials said.
Additionally, Ford said it expects to put $5 billion less into capital expenditures from 2019 to 2022 than it once anticipated.
That means goodbye to the Fiesta, Taurus, Fusion and the regular Focus will disappear in the United States and Canada.More news: And Then There Was One: Mustang. Ford Cutting Cars by 2022
Shanks wouldn't say if employees would be cut but said nothing is off the table.
The Mustang muscle auto will be all that's spared from Ford's slashing of its sedan lineup in North America.
In mid-morning trading, shares of Ford were up around 2.5%, at US$11.40.
"Ford is not looking to sell fewer cars".
Investors had been growing impatient for additional detail on the money-losing models Ford would ditch - and for signs its reorganization efforts would bear fruit.
Michelle Krebs, executive analyst at AutoTrader.com, said Ford's move is no shock.
Hackett, 63, sought to assuage those concerns by promising "urgent" action. "We're starting to understand what we need to do and making clear decisions there".
"The hand-wringing that has been around in our business is gone", he said.