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Ford posts record pre-tax Q3 profit of $2.6B

Ford took in $2.6 billion in pre-tax profits in the third quarter of the year, making for a record trio of months that saw the Blue Oval's year-over-year earnings increase by $426 million. The earnings are being attributed not just to improvements in North American sales, but sales around the globe.
Revenue was up 12 percent, to $36 billion, although net income took a hit, dropping $359 million to $1.3 billion. Ford was dinged with $498 million in pre-tax charges, which are being blamed for the drop in net income.
The news has boosted Ford's hopes for full-year results, bumping it's total profits up past $8 billion, according to Automotive News. The Dearborn, MI-based manufacturer is still expecting a loss in Europe, although it's forecasted less than the $1.73 billion it burned in 2012. In fact, according to CFO Bob Shanks, Ford's European losses dropped by 51 percent year-over year, a huge improvement for the brand.

Ford expands air bag recall nationwide

Ford Motor Co. has agreed to government demands to expand a driver's side air bag inflator recall to the entire U.S. The move announced Thursday adds 447,000 Ford vehicles to the list of those recalled due to driver's inflators made by Japan's Takata Corp. The inflators can explode with too much force, spewing shrapnel into drivers and passengers. Ford's action puts pressure on BMW and Chrysler, the only two automakers that haven't agreed to national recalls. The National Highway Traffic Safety Administration made the demand of five automakers, saying the inflators are dangerous. Honda and Mazda already took their recalls national. Previously the recalls were limited to high-humidity states mainly along the Gulf Coast. The Ford national recall covers certain 2005 to 2008 Mustangs and 2005 and 2006 GT sports cars. The company also announced it would recall the same cars in Canada, Mexico and a few other countries. Thursday's announcement brings to just over 502,000 the number of Ford vehicles under recall for Takata driver's side air bags. The company said it knows of one accident and injury from the problems, in a 2007 Mustang in North Carolina. Dealers will replace the inflators at no cost to customers. Last month, NHTSA demanded that Takata and the five automakers recall driver's inflators across the nation.Takata and Chrysler have refused and could face legal action. BMW says it's still evaluating the demand. Takata hired the New York public relations firm Sard Verbinnen & Co. and took out full-page advertisements Thursday in newspapers including The New York Times, The Wall Street Journal and three German publications. The ads, featuring a letter from Chairman and CEO Shigehisa Takata, said the company will work with NHTSA and automakers to expand the recalls by increasing production capacity for replacement air bags. The company said it's exploring whether other companies' air bags can be used in replacement kits, and it's increasing testing to find the exact cause of the problems. "Takata will work in unison with automakers to advance our common goal of putting the safety of customers first," the letter said. But in documents filed with NHTSA, Takata refused to do a national recall, saying it's not supported by testing data. The company also said NHTSA didn't have the authority to order a parts supplier to do a recall, and that only automakers can conduct them.

BMW, Hyundai score big in JD Power's first Tech Experience Index

While automakers are quick to brag about winning a JD Power Initial Quality Study award, the reality, as we've pointed out before, is that these ratings are somewhat misleading, since IQS doesn't necessarily distinguish genuine quality issues. JD Power's new Tech Experience Index aims to solve that problem. The new metric takes the same 90-day approach as IQS but focuses exclusively on technology – collision protection, comfort and convenience, driving assistance, entertainment and connectivity, navigation, and smartphone mirroring. It splits the industry up into just seven segments, based loosely on size, which is why the Chevrolet Camaro is in the same division (mid-size) as Kia Sorento and the Mercedes-Benz GLE-Class is in the same segment as the Hyundai Genesis (mid-size premium). It makes for some screwy bedfellows, to be sure. Still, splitting tech experience away from initial quality should allow customers to make more informed and intelligent decisions when buying new vehicles. In the inaugural study, respondents listed BMW and Hyundai as the big winners, with two segment awards – the 2 Series for small premium and the 4 Series for compact premium, and the Genesis for mid-size premium and Tucson for small segment. The Chevrolet Camaro (midsize), Kia Forte (compact), and Nissan Maxima (large) scored individual wins. Ford also had a surprising hit with the Lincoln MKC, which ranked third in the compact premium segment behind the 4 Series and Lexus IS. This is a coup for the Blue Oval, whose woeful MyFord Touch systems made the brand a victim of the IQS' flaws in the early 2010s. But Ford and other automakers might not want to celebrate just yet. According to JD Power, there's still a lot of room for improvement – navigation systems were the lowest-rated piece of tech in the study. Instead, customers repeatedly saluted collision-avoidance and safety systems, giving the category the best marks of the study and listing blind-spot monitoring and backup cameras as two must-have features – 96 percent of respondents said they wanted those two systems in their next vehicle. But this isn't really a surprise. Implementation of safety systems from brand to brand is similar, and they don't require any input from users, unlike navigation and infotainment systems which are frustratingly deep.