Ford announced Thursday it will unveil its new Mustang-inspired SUV next month in Los Angeles.
The all-electric Mustang SUV is a new take on an American classic as the automaker hopes it will continue its push into the renewable energy sector. The American public is warming to the idea of electric vehicles and Ford continues to make a push into the sector.
The new look, newly-powered Mustang-inspired SUV crossover comes at a time when the company needs a boost.
On Thursday, the automaker announced that it is lowering its target for the year. This came after Ford reported a major beat on earnings, but narrowly missed Wall Street's revenue expectation.
The impetus behind the expected downturn, according to The Wall Street Journal is "the cost of warranty repairs, weakness in China and tougher competition in trucks and sport-utility vehicles in North America will prevent its 2019 earnings from hitting a range set in July."
In a media briefing on Wednesday, Ford's Chief Financial Officer Tim Ford said that Ford has experienced a 26 percent improvement in China over last year but "the company still saw a loss there of $281 million."