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Ford books $2.6B pretax quarterly profit

While its crosstown competitors at General Motors are smarting over a drastic drop in net income to $200 million in the second quarter, Ford has reason to celebrate. The Blue Oval has announced its own Q2 financial results, including a growing net income of $1.3 billion, a $78 million increase over last year. Pretax profits for the company reached $2.6 billion, up $44 million from 2013, but total revenue dropped slightly to $37.4 billion, down from $37.9 billion. Profits per share before one-time charges totaled 40 cents per share, beating Wall Street analysts' expectations of 36 cents a share.
Regionally, the Blue Oval performed strongly, as well. North America posted a record quarterly pre-tax profit of $2.4 billion, a $119 million increase. Europe also showed signs of turn around with its first profit in three years of $14 million after a loss of $306 million in Q2 2013. Ford is actually predicting profitability in the troubled region in 2015. Asia Pacific operations also performed well with $159 million in profits, up $29 million from last year. The only region where the business posted a loss was South America.
According to Automotive News, Ford also announced more precise plans about the changeover to build the aluminum-intensive 2015 F-150. In August, the Dearborn plant will shutdown for eight weeks to retool and its Kansas City plant will do the same next year.

Ford reveals all-new Everest SUV at Asia-Pacific forum [w/poll]

While the Explorer may have shifted from a truck-based sport-ute to a car-based crossover, Ford still offers buyers on the other side of the Pacific a Ranger-based SUV in the form of the Everest. And at the Asia-Pacific Economic Cooperation (APEC) Summit in Beijing today, the Blue Oval revealed the all-new version you see here.
Previewed in concept form over a year ago and made specifically for the Asia-Pacific market, the new Ford Everest is designed to be more refined on the road and more capable off of it. Like the Explorer once was, the new Everest is based on a stretched version of the overseas Ford Ranger pickup. Depending on the specific market, Ford will offer the new Everest with a range of engines including a 2.0-liter EcoBoost turbo four and two Duratorq turbodiesels - a 2.2-liter four and a 3.2-liter inline-five - mated to a six-speed automatic transmission.
Earmarked to take on the likes of the Toyota Land Cruiser Prado (known in these parts as the Lexus GX) and the Jeep Grand Cherokee, the new Everest promises rock-crawlers even better off-road capabilities. It's got nearly nine inches of ground clearance, over 30 inches of wading depth, a 29-degree approach and 25-degree departure angles and a set of features including on-the-fly adjustable four-wheel drive.

Ford board pushing Mulally for decision amidst fears story is drowning out other news

Automakers and their executives rarely like to divulge information regarding future goings on, but the board of directors at Ford sound like they're getting a little antsy about chief executive officer Alan Mulally and his plans for 2014.
According to Reuters, as news of Mulally's possible departure to Microsoft continues to swirl, Ford's board is looking to push the affable executive to make a decision about his future sooner rather than later. Apparently, the board is growing concerned that this will-he/won't-he drama may end up distracting the media from covering Ford's other big news events next year - items like the debut of key all-new products like the Mustang and F-150.
So far, the picture for Mulally's eventual successor remains fuzzy, but it's understood that the leading candidate remains the company's chief operating officer, Mark Fields. Just recently, we heard that Mulally will stay until the end of 2014, but a few months ago, Ford seemed open to the idea of him stepping down earlier than that.