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Ford Q1 profits dragged down by warranty costs

General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Financially, Ford suffered a rough quarter almost across the board. Its pre-tax profit of $1.4 billion was also down $765 million from a year ago. Things were even worse in the North American market where operating profit fell significantly to $1.5 billion, down from $2.392 billion in Q1 2013. However, its global revenue ticked up slightly to $35.9 billion, from $35.6 billion in this period in 2013.
Ford admitted that it spent about $900 million on expenses that it hadn't planned for during this quarter. According to Reuters, the company paid about $400 million in additional warranty and recall costs in North America. The automaker didn't explain why the costs were so much higher than expected. However, in the last three months, Ford has had several recalls, including on the 2001-2004 Escape for rust, Explorer for its steering, Edge for its fuel line and others.

Ford Mustang returning to Australia in 2016

Australia's Herald Sun newspaper has reported that the next-generation Ford Mustang is heading Down Under in 2016, just as Ford is hanging the "Closed for Good" sign on its Australian manufacturing operations and sending the Falcon to its grave. Ford hasn't offered any official word on the matter, but the paper says that Ford's global VP of sales and marketing, Jim Farley, is flying to Australia to make the announcement himself.
While Ford converted Mustangs in the early 2000s from left-hand to right-hand drive for the Australian market and then sold them at high prices, it's been almost five decades since Ford imported a dedicated right-hand-drive Mustang to Oz. The arrival of the global model specifically made for places like Australia and the UK means Ford will also be able to offer them at better prices than the converted models; the Herald Sun says the price is expected to be "close to $50,000."
And that's for one of the "V8 performance models," which are the only ones Australia will get; Ford apparently won't send the turbocharged four cylinder or the V6. The Aussies could find out in a month from now whether this rumor is true. We will all find out what this Mustang fuss is about when the car debuts at next year's New York Auto Show.

Toyota, Ford and Honda again top Consumer Reports Car-Brand Perception Survey

Consumer Reports has released its annual Car-Brand Perception Survey, and the list looks awfully familiar. The top six brands are identical to last year's results, with Toyota, Ford and Honda continuing to occupy the podium. All told, Toyota walked away with 133 points, putting it 15 ahead of second-place Ford. Honda jumped 26 points this year, narrowing Ford's lead to just four points in total.
Consumer Reports polls buyers from across the country on how they see multiple brands in seven categories, including quality, safety, value, performance, design/style, technology/innovation and environmentally friendly/green. Researchers then combine the findings to come up with the total brand score.
While value and performance remain important to buyers, CR found quality and safety are still on top when it comes to significance. Scion and Mitsubishi found themselves at the bottom of the pack with the worst score of all, tied at just six points. Ram, Fiat and Mini filled out the lowest five with scores of seven, eight and 10 points, respectively. You can read the full press release below for more information, or head over to the Consumer Reports site.