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Ford reports $3B profit in Q4, $6.9B for the year

Good news out of Dearborn today, as Ford announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
The results of the substantial profit increases are bigger profit-sharing checks for UAW employees. How big? A record $8,800 on average for 47,000 UAW workers, making 2013 the biggest year for profit sharing in Ford history. In total, $414 million will be paid as part of the profit-sharing scheme.
Now, it should be pointed out that a fair portion of Ford's Q4 profits were due to tax benefits, totaling $2.1 billion, according to Automotive News. Total profits would have also been higher, had there not been a significant recall on the Escape, as well as plant issues in South America.

Child cobalt miners: Automakers pledge ethical minerals sourcing for EVs

BERLIN - Leading carmakers including Volkswagen and Toyota pledged on Wednesday to uphold ethical and socially responsible standards in their purchases of minerals for an expected boom in electric vehicle production. Demand for minerals such as cobalt, graphite and lithium is forecast to soar in the coming years as governments crack down on vehicle pollution and carmakers step up their investments in electric models. To cover its plans for more than 80 new models by 2025, Volkswagen alone is looking for partners in China, Europe and North America to provide battery cells and related technology worth more than 50 billion euros ($59 billion). Talks with major cobalt producers, including Glencore, at VW's Wolfsburg headquarters last week ended without a deal. More than half of the world's cobalt comes from the Democratic Republic of Congo, a country racked by political instability and legal opacity, and where child labor is used in mines. On Wednesday, a group of 10 leading passenger-car and truck manufacturers announced an initiative to jointly identify and address ethical, environmental, human and labor rights issues in raw materials sourcing. The partnership dubbed "Drive Sustainability" consists of VW, Toyota Motor Europe, Ford, Daimler, BMW, Honda, Jaguar Land Rover, Volvo Cars and truckmakers Scania and Volvo. The alliance "will assess the risks posed by the top raw materials (such as mica, cobalt, rubber and leather) in the automotive sector," said Stefan Crets of the CSR Europe business network. "This will allow Drive Sustainability to identify the most impactful activities to pursue" to address issues within the supply chain.Reporting by Andreas Cremer.Related Video: Image Credit: Michael Robinson Chavez/The Washington Post via Getty Images Green BMW Ford Honda Jaguar Land Rover Mercedes-Benz Automakers Toyota Volkswagen Volvo Green Automakers Green Culture Electric Scania ethics mining

Ford dissects the heart of the 2015 Mustang, its engine range

Happy Mustang Day. Are you tired of hearing about the 2015 Ford Mustang yet? No? Good, here's a bunch of mechanical data on Ford's sixth-gen muscle car, along with cutaways of the GT's 5.0-liter V8 and the new 2.3-liter, EcoBoost four-cylinder shown above. We also have a smattering of info on the Stang's updated transmissions and an exploded-parts-diagram view of its all-new independent rear suspension.
Ford is set to make waves offering the Mustang with a turbo for the firs time since the small-volume SVO of the 1980s. Displacing 2.3 liters, the engine's twin-scroll turbo should help the four-cylinder turn out a projected 305 horsepower and 300 pound-feet of torque, while also returning the best fuel economy in the Mustang's engine lineup. As we said in our Deep Dive, the EcoBoost will be slotted in as a premium engine, above the 3.7-liter V6 but below the 5.0-liter V8.
Speaking of that high-revving eight-cylinder, it's receiving a new cylinder head with high-flow ports. The intake and exhaust valves are larger and the cams have been replaced, among other tweaks. It should rev even higher thanks to a rebalanced crankshaft and forged connecting rods. Ford is still claiming a projected 420 hp and 390 lb-ft, although as many of the changes for the 2015's V8 come from the 2013 Boss 302, we're going to assume there's some sandbagging at work.