Mark LaNeve, Ford’s vice president of sales and marketing, announced the four new vehicles at the Chicago Auto Show, which will be added in segments in which company does not currently compete.
According to Ford, these vehicles are targeting baby boomers and millennials, who prefer SUVs and crossovers because they offer more space than a car but have the same footprint. And now SUVs offer improved fuel economy over the SUVs of the past.
“Some SUVs now rival the fuel efficiency of V-6-powered midsize sedans from only a few years ago,” LaNeve said.
The company said baby boomers are used to driving SUVs, so they will likely continue to do so. As for the baby boomers who transitioned to smaller cars, Ford expects these drivers to choose an SUV again because this specific age group feels “younger and more active driving an SUV.”
Ford says its research shows that once Millennials start shopping for SUVs when they’re thinking about starting a family.
“As members of the 80-million-strong Millennial age group enter their prime child-rearing years, a leading indicator of more SUV sales, nearly 80 million aging baby boomers continue to prefer their SUVs,” LaNeve said in a statement before. “It’s a demographic double whammy and it all points to one thing – more SUVs for the foreseeable future.”
When its time for Millennials to buy a car, Ford’s research shows that they gravitate towards SUVs.
The four new SUVs could be launched in North America, Europe, Asia and/or South America.
“Growth in SUV sales is expected to continue” Ford said. “Not only in the United States, but around the world – and why Ford is adding four new SUVs in the next four years – all four in SUV segments in which the company does not currently compete.”
Last year in the United States alone, Ford sold 740,000 Ford Escape, Explorer, Edge and Lincoln SUVs, the most since the early 2000s.
“We can’t keep them on dealer lots,” LaNeve said.
