In its first-quarter statement on Wednesday, the company said it will only sell two cars for the USA market within the "next few years" and that it will "not invest in next generations of traditional Ford sedans for North America".
Cutting its slow-selling sedans and hatchbacks will serve to free up even more capital for light truck and mobility development.
Shanks wouldn't say whether Ford would need to eliminate jobs to achieve the additional $11.5 billion in cost cuts.
The announcement came as Ford said it earned a first-quarter profit of $1.7 billion, a 9% increase compared to the same period previous year.
That's similar to the road map Fiat Chrysler Automobiles NV has followed on the way to pulling ahead of Ford in North American profitability.
"What we have to do is become more fit, but then on top of that have great new products", he said.
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Ford's shares traded up about 2.2% in after-hours trading Wednesday at $11.35 after closing at $11.11, in a 52-week range of $10.14 to $13.48.
The automaker's pre-tax profit fell 14% to $2.2 billion for the quarter. We are determined to turn this business around right throughout the whole company.
Ford made $1.74 billion from January through March, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago. Analysts had on average expected earnings per share of 41 cents. But the company's profit margin slipped to 5.2 percent from 6.4 percent a year earlier.
CFO Shanks said the company expected that commodity costs would represent a $1.5 billion "headwind" in 2018, $500 million of which came in the first quarter. As usual, North America drove Ford's profits for the quarter with pretax earnings of $1.9 billion.
The company's loss in its Asia Pacific region was driven by slumping sales in China, where Ford has just begun to introduce new models.
Shanks wouldn't say if employees would be cut but said nothing is off the table.
Ford will use the excess capacity created in its plants by auto models that are ending to introduce new truck and SUVs.