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Ford surges with record 2Q profit

We already knew that the second quarter of 2015 has been good to General Motors. For Ford, though, it's been even better. The Blue Oval saw a net income of $1.9 billion, $800 million more than its larger cross-town rival. Pre-tax profits were even more impressive, at $2.9B. Those figures aren't only more impressive than what GM could conjure up, they improved handily over the same period in 2014. Net profits were up by $574 million, or a staggering 44 percent, while pre-tax profits saw a 10-percent bump over 2014. Ford Credit also had a strong quarter, raking in just over half a billion dollars before taxes. So yeah, Ford calling Q2 "outstanding" in its press release is no exaggeration. The vast majority of Ford's positive Q2 can be attributed to the North American market, which made up $2.6 billion of the company's pre-tax profits. South America, the Middle East, and Europe were all down, although Asia delivered some relief, making $192 million before taxes. Scroll down for the official press brief from Ford. JUL 28, 2015 | DEARBORN, MICH. FORD REPORTS STRONG SECOND QUARTER RESULTS; PRE-TAX PROFIT $2.9 BILLION; NET INCOME $1.9 BILLION DEARBORN, Mich., July 28, 2015 – Ford Motor Company [NYSE: Ford] today reported its 2015 second quarter financial results. View the press release here and visit shareholder.ford.com to view the slide presentation and access the webcast to Ford's second quarter earnings call, which begins at 9 a.m. EDT with Mark Fields, president and chief executive officer, and Bob Shanks, executive vice president and chief financial officer. Highlights Include: Outstanding second quarter; company on track for a breakthrough year Pre-tax profit of $2.9B, up $269M or 10 percent from a year ago excluding last year's special item charges Net income of $1.9B, up $574M or 44 percent from a year ago After-tax earnings per share of 47 cents, up 7 cents from a year ago excluding last year's special item charges Best Automotive quarterly profit since 2000 Wholesale volume up 2 percent, driven by North America and Europe Automotive revenue about equal, with higher net pricing and volume offset by unfavorable translation effects of the strong U.S.

Ford family keeps special voting rights

Ford Motor Company has a dual-class stock structure of Class A and Class B shares. The roughly three billion Class A shares are for the general public like you and me, while the roughly 71 million Class B shares are all owned by the Ford family. Each Class A share gets the shareholder one vote, each Class B share is worth 16 votes, the result being that Common Stock holders control about 60 percent of the company while the Ford family controls 40 percent even though it holds far fewer shares. The only way that could ever change would be if the Fords sell their Class B shares, but even so, Class B shares revert to Class A when sold outside the family, so they'd have to sell a whole bunch of them.
A contingent of Class A shareholders think the dual-class system is unfair, and for the past few years a vote's been held during the annual shareholders meeting to end it. It has failed every time, as it just did again during the meeting held this week. A smidge over 33 percent voted to end the dual system, outvoted by the 67 percent who are happy with the way Ford is going - unsurprising in view of a corporate turnaround that will be part of business-class curricula for years to come.
On the sidelines, Ford elected Ellen R. Marram to the post of independent director, the first woman to hold the job. The former Tropicana CEO and 20-year Ford board member replaces retiring board member Irvine Hockaday who helped bring Alan Mulally to the CEO position.

The 11 best scenes from the 2015 Goodwood Festival of Speed

Over the last three days, the Goodwood Estate has played home to the eponymous Festival of Speed. Thrown by the biggest gearhead in the British aristocracy – Charles Gordon-Lennox, the Earl of March and Kinrara – the Festival of Speed is essentially a tremendous, gasoline-fuelled party, complete with a very large lawn sculpture, that features the world's hottest, weirdest, fastest, and loudest race, production, and historic models. While there are quite literally dozens and dozens of videos from the event – not to mention the full-day replays (of which only day one is available, at present) – we've sifted through them to pluck away the very best. There's stuff from the official Goodwood YouTube channel, as well as several videos from automakers and other third-party channels, and it's all available below. 2015 Ford Mustang GT350R Looks Barely Controllable If you thought the highest-performance Ford Mustang would somehow get more tractable or civilized once it moved to an independent rear suspension, this video shows you have nothing to worry about. Watch as an unnamed driver wrestles the new Shelby GT350R and its flat-plane, 5.2-liter V8 up the hillclimb circuit. Even with the new suspension and sticky tires, this Mustang wants to go any direction but straight, especially following its launch. 2016 Ford Focus RS, Is Very Loud, Blue Ken Block makes his first appearance on our list. Before he steps into his Hoonicorn Mustang, though, the Gymkhana expert tackled the hill in the all-new Focus RS. The vicious bellow of the 2.3-liter, turbocharged four-cylinder is the star of this commentary-free video, although the gorgeous Nitrous Blue paint job is a nice accompaniment, as well. 1965 Ford Mustang Hoonicorn Runs Hill, Nearly Kills Lord March Mr. Block's two runs behind the wheel of the Hoonicorn were, unsurprisingly, very eventful. While one attempt goes off without a hitch, seeing the American rally driver slip and slide his way to the top of the hill while taking a short break for a donut, the other is slightly more dramatic. Block, along with Lord March in the passenger seat, carries a bit too aggressive an angle into a turn and nearly puts the NASCAR-powered Mustang into the hay bales. Check out the first video above, and the second one below. Kimi Raikkonen Makes Us Miss F1's V8 Era The latest Formula One cars have been maligned for the lackluster noise produced by the new 1.6-liter, turbocharged V6.