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The American car company blamed 'changing fashions' for the downturn in the popularity of the Mondeo, and said that the demand form sports utility vehicles and the move towards electric cars also played a role in the decision making.
In a statement, Ford said: "As Ford moves to an all-electric passenger vehicle future, European consumer preferences continue to change.
"In 2020, 39 per cent of Ford's passenger vehicle sales were SUVs and crossovers - up eight percentage points from 2019."
"Moreover, customers are showing more confidence in electrification technologies, with more than 50 percent of Kuga owners purchasing a Kuga plug-in hybrid."
They added: "As a result of this growing change in customer preference, Ford will phase out the Mondeo, its large car, at the end of March next year.
"Ford's other large crossover and multi-purpose vehicles - the seven-seat Ford Galaxy and Ford S-MAX - will continue in production, with full hybrid versions of both recently launched."
Since it was launched in 1993 to replace the Ford Sierra, more than five million Mondeos were sold in Europe alone, and - on top of the commercial success - it also enjoyed considerable success on the racing track.
The car also featured in Casino Royale, Daniel Craig's first outing as James Bond, back in 2006.
The car will still be available to buy until March 2022, with prices from £25,565.
Ford continued: "Ford is fully committed to evolving its passenger vehicle portfolio in Europe, strengthening its position with vehicles like the Kuga, Puma and Explorer PHEV.
"The company is introducing new nameplates into Europe, with the outstanding all-electric Mustang Mach-E just being launched - and including the Mustang Mach-E GT coming later this year - and its first all-electric volume passenger vehicle coming to market in 2023."
A spokesperson for Ford also said: "Admittedly, 2020 was difficult all around, but the market segment in which Mondeo competes has been dwindling for years and is down about 80 percent since the start of the century.
"Our rationale is pretty much the same as others have said recently... all down to changing customer preference as consumers opt for SUVs and crossovers, and the fact that we're evolving our passenger vehicle range in Europe to meet those changing customer needs as we move to an all-electric future."
They added: "There will be no Mondeo replacement in Europe."
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