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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

2015 Ford Mustang [w/videos]

It'd be unwise to bet against the sixth generation of this legendary nameplate.
The 2015 Ford Mustang is assuredly the most anticipated new vehicle of the year. The redesigned Pony Car has been the subject of frantic gossiping and covert spy photos covering everything from the way it looks to the tech it will include, its performance, mechanicals and a bevy of other aspects of Ford's performance icon.

J Mays on the 2015 Ford Mustang

J Mays, head of design at Ford, may be retiring from the company after 16 years, but not before showing the world his swan song: the 2015 Mustang. Ford officially revealed its new coupe and convertible to the public at events around the world on Thursday, including a live unveiling on ABC's Good Morning America, and Mays was in attendance at the automaker's home event in Dearborn, MI, which is where we caught up with him for a few words about his new baby.
"It's a joy" to design the Mustang, Mays told Autoblog, adding that this sixth-generation coupe is his "favorite design so far." Of course, the 2015 model takes cues from all of the generations that came before it, but Mays said it was important to edit down the specific elements from previous models, leaving just enough off to let the customer "participate and fill in the blanks."
"If it doesn't sell itself, you probably aren't a Mustang fan."