Ford Mustang 1990 5.0 Notchback Modded on 2040-cars

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Jay Leno and Lee Iacocca reflect on 50 years of Ford Mustang

Lee Iacocca oversaw the birth of the Ford Mustang back in the 1960s, rocketing the new pony car nameplate into million-unit sales territory in its initial go-round and cementing its place in the history books. Thus, we were immediately drawn to this latest episode of Jay Leno's Garage, in which the funnyman hosts Iacocca for a look at the origins of Ford's most iconic sports car. The legendary auto exec is looking notably more frail than when we last saw him, but if we're being asked around as a video guest when we're 89 years old, we'll consider that evidence of a life well lived.
Serial No. 0001 is on hand for the occasion for Jay's romp through history, as is the historic Mustang 1 showcar from 1962. Of course, the all-new 2015 Ford Mustang GT (in prototype form) makes an appearance at the end of the episode with chief engineer Dave Pericak, as well. Get some, below.

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.

Junkyard Gem: 1993 Mercury Topaz GS Sedan

As long as the Mercury brand existed — a period spanning the 1939 through 2011 model years — nearly every Mercury sold in the United States was more or less a redecorated Ford model. The Torino had its Montego sibling, the Crown Victoria had the Grand Marquis, the Cougar was based on everything from the Mustang to the Mondeo, and so on. Naturally, when the folks in Dearborn developed the Ford Tempo compact, a Mercury version had to be created. This was the Topaz, with the official launch of both cars taking place on the deck of the aircraft carrier often referred to as the USS Decrepit. You can't make this stuff up! The Tempo/Topaz, also known as the Tempaz, has largely faded from our collective automotive memory by now, since it broke no significant new engineering or styling ground (this story would be much different if Ford had only put the amazing straight-eight "T-Drive" Tempaz powertrain into production) and didn't have any endearing features other than being a cheap domestic competitor to the Toyota Corolla and Nissan Sentra. Still, close to 3 million Tempazes left North American Ford and Lincoln-Mercury showrooms during the 1984-1994 period. As you'd expect, most of these disposable cars disappeared from both the street and the car graveyard long ago. It takes a very special Tempaz for me to break out my camera while I'm patrolling my local wrecking yards; generally, this means an ultra-rare all-wheel-drive version or at least a very early model in super-clean condition. Today's Junkyard Gem is neither, but I took one look at this spectacular Bordello Red crypto-velour-and-slippery-plastic interior and recognized that this was no ordinary junkyard Mercury. It appears that Mercury had dropped the idea of clever names for base-grade seat fabrics by the time of the Topaz, referring to this stuff as just "cloth" in all the brochures I could find. That's too bad, because Mercurys had cool names for upholstery (e.g., Chromatex) in the old days. The interior is in very good condition but the steering wheel shows substantial wear, so I think this is a high-mile Topaz that got meticulous care from its owner or owners. Ford used five-digit odometers on these cars until the end of production, however, so we'll never know if this reading indicates 65,404 miles or 365,404 miles. The body is very straight, but there's some nasty corrosion behind the right front wheelwell.