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Mulally wanted to kill Lincoln as late as last year, Fields vows to turn it around

Lincoln fans might want to give incoming Ford CEO Mark Fields a pat on the back for having a hand in saving the brand from the chopping block last year. He's among the people spearheading the rejuvenation of the division away from its stodgy image to appeal to younger customers.
According to two unnamed sources speaking to Bloomberg, CEO Alan Mulally was ready to kill Lincoln last year. Following the slow production ramp-up of the MKZ combined a with a costly ad campaign, Mulally was frustrated and openly suggested dropping the brand. However, Fields and Jim Farley, Ford's marketing boss, convinced the CEO that the brand was worth saving. They also created a plan to prevent similar problems for new models in the future.
It seems that one part of the strategy may involve waiting until new models are at dealers before starting a big ad campaign for them. Lincoln global director, Matt VanDyke, recently told Autoblog that the division is holding off on a full marketing push behind the new MKC crossover to prevent the supply problems that plagued the MKZ last year. Its big offensive begins in the fall when the CUVs are at all of the dealers and consumers are at home watching more TV. VanDyke also told Bloomberg that Fields, Farley and Joe Hinrichs, Ford president of the Americas, have more direct oversight over new product launches now.

Bill Ford says carsharing helps Ford, EVs need to be clean

To most people, Bill Ford is most famous for being the great-grandson of Henry Ford. But, as the executive chairman of Ford Motor Company, Ford has also been leading the company into greener and greener territory. At the morning plenary session for the 21st World Congress on Intelligent Transport Systems (ITS) in Detroit today, Ford discussed a wide variety of topics, including connected cars (of course), plug-in vehicle and how Ford's collaboration with Zipcar came about because of he liked what the Zipcar CEO was excited about getting cars off the road. Given that the conference has a big focus on communication between cars this year, it's no surprise that Ford talked about his company's work on that front. He's looking at the long term, though, and says that despite announcements like the one General Motors made yesterday about Super Cruise, when fully autonomous vehicles get here, it won't be headline news since the ground work is being laid by technologies coming to cars in bits and pieces now. In other words, your adaptive cruise control is getting ready for bigger and better things. "My fear is that we electrify the fleet and our impact is not what it could be." – Bill Ford On the zero-emission vehicle front, Ford said that while he's in favor of electric vehicles, "My fear is that we electrify the fleet and our impact is not what it could be." He was discussing the emissions reality of coal-powered electricity, and said that, "We've got to have a national discussion about what we want our grid to look like." As for the work that Ford is doing with Zipcar (which is just one of the many automaker carsharing operations out there today), Ford said that he first approached Zipcar CEO Scott Griffith after hearing Griffith talk at a green conference four or five years ago. Griffith was surprised, Ford said, because he had just given a talk about ways to reduce car ownership. "Did you hear my speech? I talked about taking cars off the road," Ford remembers Griffith saying. "Yeah, and what's going to happen without us," Ford responded. Today, the partnership allows Ford to get cars to people that have traditionally been "hard to reach," like college students on campuses. Ford's vehicles are currently available on 250 colleges campuses. Ford then spoke favorably about other challenges to the traditional car ownership model, like Lyft and Relay Rides. "Rather than being frightened by that, we need embrace it and help makes their companies better," he said.

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.