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Ford settles class action suit over defective Navistar diesel engines

The 2003 Ford F-Series Super Duty (shown above) introduced the 6.0-liter Power Stroke diesel supplied by Navistar, and while that is an engine Ford would love to forget, it's now one step closer to putting that particular problem behind it. Automotive News is reporting that Ford has settled a class-action lawsuit brought on by problems with this engine that started right out of the gate and ultimately broke up the 30-year relationship between Ford and Navistar.
Owners and lessees of 2003-2007 Super Duty trucks and E-Series vans equipped with the 6.0-liter Power Stroke are eligible for deductible reimbursements of between $50 and $200 from the original five-year/100,000-mile engine warranty, while Ford is paying out as much as $825 for out-of-warranty engine repairs. These repairs may include the exhaust gas recirculation (EGR) cooler, EGR valve, oil cooler, fuel injectors and turbocharger, but are only covered if the components failed before six years or 135,000 miles.
In total, Ford has agreed to pay about 50 percent of the value of the repairs and deductibles paid by its customers who submit a claim before the end of this year, and $150,000 is going to the 16 named plaintiffs in the case; Navistar was not included in the lawsuit.

American automakers fall in latest Fortune 500 rankings

Not that it means anything beyond bragging rights, but if you're fixated on the positions of domestic automakers on the annual Fortune 500 list, both General Motors and Ford are still on it but they've slipped a couple of notches. The list ranks American companies and they're ordered solely by revenue. GM, fifth last year, came in seventh, while Ford fell from ninth to tenth even though both companies saw small gains in annual revenue.
GM's $152.3 billion in revenue was less than a third of that of the first company on the list: Wal-Mart, which regained the title from Exxon Mobil. Berkshire Hathaway and Apple are the firms that moved GM down. Ford, displaced by energy company Valero, had $134.3 billion in revenue.
On a side note, profitability isn't a factor, but both GM and Ford were down in this year's list compared to last year's: GM declined from $9.2 billion to $6.2 billion, Ford fell from $20.2 billion to $5.6 billion. If profits were included, Exxon Mobil would probably still be king: although the energy company made almost $20 billion less in revenue than Wal-Mart's $469.2 billion, it posted $44.9 billion in profit compared to Wal-Mart's $17 billion.

Former Ford CEO Alan Mulally lands on Google board

Former Ford CEO Alan Mulally often referred to the Blue Oval as a technology company when he led the automaker. Now he'll be offering guidance to a different kind of technology firm: Google.
Mulally was appointed to Google's board of directors July 9, and late Tuesday, it was announced that he will serve on the company's audit committee. The veteran executive led Ford from September 2006 until he retired in June, succeeded by Mark Fields.
While Mulally will act as a board member - rather than in a managerial role - his presence adds credibility to Google's recently announced plans to produce an autonomous car. The ambitious program calls for 100 prototypes to begin testing later this summer. Production of the car is rumored to be in collaboration with a Detroit area performance company, Roush.