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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

TRANSLOGIC 147: CES 2014 Autonomous Vehicles

We head back to CES in Las Vegas to check on the progress of autonomous vehicles in 2014. We go hands-free on the highway with Audi, narrowly avoid a collision with Ford and hear all about BMW's drifting driverless car. But first we take a ride on Induct's self-driving Navia shuttle.

These horribly misguided front-drive design studies nearly became the Mustang

As we eagerly await the unveiling of the all-new sixth-generation Mustang, Ford has been giving us some great information over the past few months showing what has gone into shaping its venerable pony car. As many changes as the Mustang has gone through in its 50 years, though, it appears the fourth-gen model played a decisive and pivotal role in the car's future.
As is part of Mustang lore, the front-wheel drive Ford Probe was originally developed as a next-generation Mustang in the Eighties before cooler heads prevailed. The Blue Oval has just released a handful of images showing how bad things could have been - including a full-scale clay model of a front-wheel-drive Mustang (shown above). Fortunately, the FWD Mustang plan was scrapped and Ford went to work designing a rear-wheel-drive replacement for the Fox Body Mustang, with three design studies making it far enough to become full-scale models. These include the soft "Bruce Jenner" Mustang, the over-the-top "Rambo" Mustang and the middle-ground "Arnold Schwarzenegger" Mustang, which finally became the basis for the 1994 'Stang.
By early 1991, the design language of the fourth-generation Mustang had been worked out, and the rest, they say, is history. Scroll down for the fascinating press release telling the story of the fourth-gen Mustang, and be sure to check out the gallery of horribly misguided sketches and various design studies that were all on the table in the late 1980s.