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Ford earnings take a dive on investment, slowing sales; workers get $6,900 in profit sharing

Ford Motor Company's pre-tax profits for 2014 took a beating, falling to $6.3 billion, a $2.3-billion drop from 2013, while overall revenues fell from $139.4 billion to $135.8 billion. Net income for 2014, meanwhile, plunged 56 percent, from $7.18 billion to $3.19 billion. Yeah, those aren't great numbers. While Ford's figures are largely down across the board, some of the weaker numbers aren't too difficult to explain away. The company launched 24 vehicles across the globe in 2014, including some of its biggest and most important volume models, like the 2015 F-150, as well as iconic offerings like the new Mustang. The result of this is both increased investment as well as a drop in total sales – US market numbers were down 164,000 units compared to 2013. Recall claims and high warranty costs also did a number on the Blue Oval. "2014 was a solid yet challenging year for Ford - with our investments and a record number of new products launched around the world positioning us for strong growth this year and beyond," Ford CEO Mark Fields said in a statement. Ford's 50,180 UAW workers in the United States will receive profit-sharing checks of $6,900. In some markets, Ford's fortunes were impacted by outside factors. Europe, for example, recorded more sales (up 70,000 units) and higher revenues (up $2.2 billion), but still reported a $443-million pre-tax loss. Blame was placed on the crumbling Russian economy, which has suffered from sanctions and slumping oil prices. Despite its troubles last year, the company still seems bullish on 2015. Ford's pre-tax outlook remains unchanged, as the company expects to make anywhere from $8.5 to $9.5 billion on the back of higher revenue from the company's automotive operations. We expect strong growth and improved financial performance in 2015 driven by our investments in new products and capacity," Ford CFO Bob Shanks said of the company's future.

Galpin-Fisker Rocket shows up topless in Monterey

The Rocket Coupe, introduced at the Los Angeles Auto Show last year, was a collaboration in reimagination carried out by designer Henrik Fisker and Galpin Auto Sports on a Ford Mustang. The next version of that concept has come to Pebble Beach in the metallic red form of the Rocket Speedster Concept you see here. In this guise the Mustang convertible gets a speedster tonneau cover that runs all the way to the front seat headrests, covering the back seats. As with the rest of the bodywork the cover is fashioned in carbon fiber, portions of it visible in places like the stripes running along the hood from the hexagonal grill to the tonneau, and the exposed carbon fiber air ducts that are mesh-filled to improve airflow through the cabin. And yes, it still has that nose. Underhood is a supercharged 5.0-liter V8 with 725 horsepower, all that cavalry brought to a stop by 15-inch Brembo Gran Turismo brakes up front tucked behind 21-inch custom wheels. Although it is labeled a concept, it too will go into limited production like its hardtop forebear. The press release below has the info, the gallery above has the goods. Related Video: GALPIN FORD AND HENRIK FISKER UNVEIL ROCKET SPEEDSTER CONCEPT AT 2015 PEBBLE BEACH CONCOURS D'ELEGANCE Acclaimed Automotive Designer and Visionary Customizer turn the Ultimate Mustang into a Stunning Speedster MONTEREY, Calif. (August 15, 2015) – Galpin Auto Sports and Henrik Fisker unveiled the latest iteration of the "Ultimate American Muscle Car" today at the 2015 Pebble Beach Concours d'Elegance; the 2015 Rocket Speedster Concept. Following a short drive onto the legendary Pebble Beach Concept Lawn, Henrik Fisker and Galpin Motors President, Beau Boeckmann introduced the convertible carbon fiber-bodied super-Mustang, intended for low-volume production. The car was featured as one of only a few special designer cars in front the Lodge at Pebble Beach. Featuring a fully integrated carbon fiber speedster cover that transforms the four-seat convertible into a two-seat speedster, this new edition Rocket maintains exceptional visual drama and performance with the top up or down. As with the Rocket Coupe, the Concept carries a carbon fiber hood feeding air into the supercharged 725-hp V8 engine through two sculpted air intakes, aiding the grill and front splitter in maintaining optimal cooling and aerodynamics. Constructed by GFMI Metalcrafters, Inc.

Did a US automaker blow the whistle on Hyundai, Kia fuel economy issue?

In all of the most hotly contested mainstream segments of the motoring universe, the difference of one mile per gallon averaged on a widow sticker can mean the difference between a sale and a walk-off - to say nothing of two or three mpg. So, when Hyundai and Kia were forced to reveal that many of their 40-mpg ratings were actually 38s and 37s, well, it made for big news.
It also, conceivably, made for a competitive disadvantage immediately, when the Korean automakers' products were being shopped versus the guys down the block. And it's that disadvantage that makes a recent story from Automotive News so juicy.
AN is reporting that Margo Oge, former head of the Environmental Protection Agency's Office of Transportation and Air Quality, got a tip in 2010 that Hyundai/Kia were "cheating" to get its impressive fuel economy numbers. The tip, said Oge (who retired from the EPA this past September), came from a senior vice president from a domestic automaker. The source was credible enough for Oge to launch an audit of the Hyundai figures, which ultimately lead to the debacle that we reported on a few months ago, and that the Korean company has been trying to bounce back from ever since.