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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

Saleen previews new 302 Mustang

The introduction of a new generation of a model like the Ford Mustang may be exciting enough in its own right for enthusiasts, but that's just the tip of the proverbial iceberg, because you know that Ford itself as well as numerous aftermarket tuners will soon follow up with even more desirable versions. And few Mustang tuners carry quite the same clout of Saleen.
Recently reunited after its previous split, Saleen is back on the map and hard at work on new aftermarket modifications for a wide array of muscle cars. We knew it would only be a matter of time before it would release a new 302 Mustang, and now it's sent out the first image to show us what to expect.
Details are scarce, but House that Steve Built says the 2015 Saleen 302 Mustang "is perfectly positioned as the next American exotic." And it should know, considering that it's the same outfit that produced the Saleen S7 that really was a true American exotic. From the teaser image above we can see that Saleen has given its Mustang a new front air dam, a very wide air scoop on the hood and of course Saleen's trademark slat grille.

Ford recalls 422,000 SUVs for rear view camera display that may fail

WASHINGTON — Ford is recalling 422,000 sport utility vehicles in the U.S. because the video output may fail, preventing the rear view camera image from displaying. The recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair SUVs with a 360-degree camera. The recall expands and replaces prior Ford callbacks for the same issue in 2021 and 2023. Ford last year updated the image processing module (IPMB) software in an effort to address the issue. Ford said on Thursday it is "working together with suppliers to identify root cause and provide the correct remedy as quickly as possible". The National Highway Traffic Safety Administration (NHTSA) said the loss of the rear view camera image can reduce the driver's rear visibility, increasing the risk of a crash. Owner notification letters are expected to be mailed on June 26. Last year, Ford said it had reports of 17 minor crashes relating to the recall issue and more than 2,100 warranty reports but no reports of injuries. The NHTSA in August 2021 opened an investigation after Ford in 2020 recalled 620,246 vehicles for another rear camera issue. The investigation is reviewing if Ford had recalled the vehicles in a timely fashion and if it recalled enough vehicles. Recalls Ford Lincoln Crossover SUV