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Ford books $2.6B pretax quarterly profit

While its crosstown competitors at General Motors are smarting over a drastic drop in net income to $200 million in the second quarter, Ford has reason to celebrate. The Blue Oval has announced its own Q2 financial results, including a growing net income of $1.3 billion, a $78 million increase over last year. Pretax profits for the company reached $2.6 billion, up $44 million from 2013, but total revenue dropped slightly to $37.4 billion, down from $37.9 billion. Profits per share before one-time charges totaled 40 cents per share, beating Wall Street analysts' expectations of 36 cents a share.
Regionally, the Blue Oval performed strongly, as well. North America posted a record quarterly pre-tax profit of $2.4 billion, a $119 million increase. Europe also showed signs of turn around with its first profit in three years of $14 million after a loss of $306 million in Q2 2013. Ford is actually predicting profitability in the troubled region in 2015. Asia Pacific operations also performed well with $159 million in profits, up $29 million from last year. The only region where the business posted a loss was South America.
According to Automotive News, Ford also announced more precise plans about the changeover to build the aluminum-intensive 2015 F-150. In August, the Dearborn plant will shutdown for eight weeks to retool and its Kansas City plant will do the same next year.

Ford's China sales keep falling, down 30% in third quarter

BEIJING — Ford's July-to-September vehicle sales in China fell 30%, as the U.S. automaker continued to lose ground in a prolonged sales decline in its second biggest market. The Dearborn, Michigan-based automaker delivered 131,060 vehicles in China in the third quarter, Ford said in a statement. Ford's sales in China fell 35.8% in the first quarter and by 21.7% in the second quarter. In the third quarter, sales of the automaker's mass-market Ford brand fell 37.7%, while its luxury division Lincoln saw sales drop by 24.1%. It delivered around 421,000 vehicles in the first nine months of the year, according to Reuters calculations. Ford has been struggling to revive sales in China after its business began slumping in late 2017. Sales sank 37 percent in 2018, after a 6 percent decline in 2017. The automaker plans to launch more than 30 new models in China over the next three years, of which more than a third will be electric vehicles. It also said it would localize management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners. Ford has launched a series of new models in the third quarter in China, including Focus, Edge, and the electric Territory. In China, Ford makes cars through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors. It has said it would partner with Zotye Automobile Co to sell lower-priced cars, but there seems to have been little progress. In a series of moves, Ford named a new president for its main local venture, Changan Ford, in August and said it would enhance its partnership with Changan through research, production and marketing cooperation in September. Ford is also planning to revamp some of its existing manufacturing facilities with Changan to localize production of its premium brand Lincoln. Changan Ford's sales down by around 33.5% in the third quarter, according to Reuters calculations based on Changan's filings. Ford rival General Motors' July-to-September vehicle sales in China fell 17.5%, to 689,531 vehicles. As GM and Ford China sales extend declines, U.S. car companies' market share of total China passenger vehicle sales fell to 9.5% in the first eight months of this year, from 10.7% in the year-ago period, according to the China Association of Automobile Manufacturers (CAAM). Over the same period, German carmakers' share has risen to 23.8% from 21.6%, and Japanese automakers' share rose to 21.7% from 18.3%.

How did Ford keep the GT a secret before Detroit?

True secrecy is a rarity in the automotive industry. Sure, companies try to keep their future projects under wraps all of the time, but usually a spy shot or blurry development photo leaks out. The complete lack of any hard details before its unveiling likely helped make the Ford GT one of the biggest stars of the 2015 Detroit Auto Show. Not only was it the favorite of Autoblog's editors, but the supercar scored a prestigious EyesOn Design Award, too. Rumors about the vehicle had circulated for weeks before the show, but no one really knew much about the GT until it rolled onto the stage for Ford's press conference in Joe Louis Arena. Amazingly, the Blue Oval kept things mostly a secret during the car's 14- month gestation period prior to its debut. According to Automotive News, the GT project began in late 2013 by a skunk works team, including six designers, that guided the supercar along from birth until the unveiling. Ford kept things clandestine by locking the vehicle in a basement storage room, and only the group members got a key to the lock. Much of the development was also done at night to further keep the secret, but occasionally the prototype was hauled outside on weekends to check it out in natural light. Because of the speed in getting the development done and for even more stealth, the designers didn't get input from the Blue Oval's other styling teams around the world. But that was somewhat of a double-edged sword. "You don't actually get to bounce opinions off people," Ford design boss Moray Callum said to Automotive News. "We were on tenterhooks ourselves until the first people saw it." Even now, there are still mysteries surrounding the GT. There's still no official word on the supercar's power; just that it's over 600 horsepower. There are also the persistent rumors going back months that the Blue Oval plans to take the GT racing to celebrate the 50th anniversary of automaker's Le Mans victory. Although, maybe this time the secrecy wasn't so good because we might have got a glimpse of the racer, recently. Related Video: