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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.

Bill Ford says carsharing helps Ford, EVs need to be clean

To most people, Bill Ford is most famous for being the great-grandson of Henry Ford. But, as the executive chairman of Ford Motor Company, Ford has also been leading the company into greener and greener territory. At the morning plenary session for the 21st World Congress on Intelligent Transport Systems (ITS) in Detroit today, Ford discussed a wide variety of topics, including connected cars (of course), plug-in vehicle and how Ford's collaboration with Zipcar came about because of he liked what the Zipcar CEO was excited about getting cars off the road. Given that the conference has a big focus on communication between cars this year, it's no surprise that Ford talked about his company's work on that front. He's looking at the long term, though, and says that despite announcements like the one General Motors made yesterday about Super Cruise, when fully autonomous vehicles get here, it won't be headline news since the ground work is being laid by technologies coming to cars in bits and pieces now. In other words, your adaptive cruise control is getting ready for bigger and better things. "My fear is that we electrify the fleet and our impact is not what it could be." – Bill Ford On the zero-emission vehicle front, Ford said that while he's in favor of electric vehicles, "My fear is that we electrify the fleet and our impact is not what it could be." He was discussing the emissions reality of coal-powered electricity, and said that, "We've got to have a national discussion about what we want our grid to look like." As for the work that Ford is doing with Zipcar (which is just one of the many automaker carsharing operations out there today), Ford said that he first approached Zipcar CEO Scott Griffith after hearing Griffith talk at a green conference four or five years ago. Griffith was surprised, Ford said, because he had just given a talk about ways to reduce car ownership. "Did you hear my speech? I talked about taking cars off the road," Ford remembers Griffith saying. "Yeah, and what's going to happen without us," Ford responded. Today, the partnership allows Ford to get cars to people that have traditionally been "hard to reach," like college students on campuses. Ford's vehicles are currently available on 250 colleges campuses. Ford then spoke favorably about other challenges to the traditional car ownership model, like Lyft and Relay Rides. "Rather than being frightened by that, we need embrace it and help makes their companies better," he said.

Performance CNG wants to crowdfund natural gas-powered Ford Mustang

Soliciting investments to develop a street-legal compressed natural gas (CNG) powered Ford Mustang that can deliver 470 horsepower certainly wouldn't make sense on a site called Indiestopstop. Nope, Indiegogo is the more-appropriately-named site that one Michigan entrepreneur is using to try and crowdfund his CNG 'Stang. He's looking to raise $55,000. Michigan's Daryl Patrishkoff and his company Performance CNG LLC showed off their converted 2003 Mustang last year at the Woodward Dream Cruise in Royal Oak, MI in an effort to get some exposure for the car, which can run on both gas and CNG. The company and its three-man team is looking to further develop the project in the name of a fueling source that is 40 percent cheaper than gasoline, throws off as much as 30 percent fewer tailpipe greenhouse gas emissions and makes the country less dependent on foreign oil. Performance CNG estimates that just 120,000 of the world's 15 million CNG-powered vehicles are in the US and is calling for more. As for the $55 grand, Patrishkoff estimates that more than half of that amount would be committed to the Environmental Protection Agency (EPA) testing of emissions, fuel economy and horsepower. The problem? As of right now, only $150 has been raised. Check out Performance CNG's press release below and see the fundraising effort on Indiegogo here. Eco-Friendly Muscle Car? CNG vehicles save money, emit less pollution and creates jobs from American-mined fuel SHELBY TOWNSHIP, Mich., May 5, 2014 /PRNewswire/ -- Daryl Patrishkoff of Shelby Township, MI, has a vision for the American automotive industry. He firmly believes that our fuel of choice should be Compressed Natural Gas (CNG), not gasoline. Until the full CNG infrastructure is in place a Bi-Fuel vehicle, fueled by either CNG or gasoline upon the drivers command, is the bridge vehicle that can lead this transition. Patrishkoff heads up a (3) man technical team developing this technology. The advantages are: 40 percent savings in fuel costs at the pump 25-30 percent reduction in harmful emissions 100 percent US provided natural gas Meaningful employment for the US economy The most important benefit, however, is that a CNG-powered vehicle runs on fuel that can be mined in America, eliminating the need for foreign oil. "After decades of political rhetoric, these types of vehicles can truly lead the US to energy independence," he said.