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Ford reports 58% drop in Q2 profits on European losses

Ford Motor Company announced Wednesday that it has posted a $1 billion profit for the second quarter of 2012. That sounds like good news for the Blue Oval, until you take into account that Ford posted a $2.4 billion profit for Q2 a year ago. That is a substantial 58 percent loss.
Ford also posted $465 million in international losses, with $404 million of those losses coming directly from Europe. The automaker also increased its European loss projections to $1 billion for 2012, due in large part to the economic crisis overseas, which has resulted in increased unemployment and decreased consumer confidence.

Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Is Tesla's next project an F-150 competitor? [w/poll]

What's the future look like for Tesla after it launches the Model X CUV and possibly a smaller, sub-Model S sedan? Would you believe a pickup truck? Yes, Tesla could be looking to use its EV know-how to take the fight to Ford and the F-150, based on comments made by company founder Elon Musk.
"If you're trying to replace the most gasoline miles driven, you have to look at what people are buying," Musk said during an impromptu Q&A session following a speech at Business Insider's Ignition conference. "[The F-150 is] the best selling car in America. If people are voting that's their car, then that's the car we have to deliver."
And while the idea of electric pickup may sound kind of absurd to some, Musk makes a very valid point - if Tesla's goal is to replace gas miles with electrical miles, it simply can't afford to ignore pickups.