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Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

California adapts ZEV mandate with PHEVs for smaller automakers

California is the nation's largest market for zero-emissions vehicles with over 100,000 of them estimated to be on the roads there. The state's goal is to keep that number growing every year. To that end, the California Air Resources Board is now tweaking its rules in a way that might not boost ZEVs but could mean more plug-in hybrids for the Golden State. Jaguar Land Rover, Mazda, Mitsubishi, Subaru, and Volvo asked for an exemption to the state's zero-emissions vehicle mandate last year due to their relatively small development budgets compared to larger automakers. CARB denied their request but did craft a compromise, according to Automotive News. Rather than being required to offer a ZEV in the state, companies with an annual global revenue of less than $40 billion, like those in this group, may instead sell plug-in hybrids to earn ZEV credits. The companies aren't completely off the hook, though. If these plug-in hybrids don't earn enough credits, the corporations must buy them on the market to make up the difference. Automakers with popular electric models like Nissan and Tesla have made a big business through this trading system by selling their surplus to rivals. Tesla alone pocketed $51 million in the first quarter from this part of its business, according to Automotive News. The changes to the regulations also aren't set in stone, yet. CARB is meeting in 2016 and could adjust things further at that time. Related Video: News Source: Automotive News - sub. req. via Hybrid CarsImage Credit: Justin Sullivan / Getty Images Government/Legal Green Jaguar Land Rover Mazda Mitsubishi Subaru Volvo Emissions Electric Hybrid California zev credits zero emissions vehicle

2019 Jaguar I-Pace First Drive Review | A taste of Jag's EV crossover

This is literally our first drive of the 2019 Jaguar I-Pace electric crossover. It lasted about 2 minutes and occurred on a tiny autocross in a frigid parking lot in New Jersey, but if we're to split hairs, it is indeed the first time we've piloted this revolutionary EV SUV-ish vehicle from a company better known for barking exhausts and slinky sport coupes. While the rest of the automotive press was gallivanting about Manhattan prior to the New York Auto Show, a select few were bused out to Jaguar-Land Rover's new corporate headquarters in Mahwah, N.J. It was there we saw the world debut of the new F-Pace SVR, the North American debut of the Range Rover SV Coupe, and got our first real taste of the I-Pace. The chief impression is that it feels much smaller than its exterior dimensions would indicate, maneuvering quickly and effortlessly without a hint of roll. Credit the wheels pushed out to the absolute corners and a low center of gravity, both the result of Jaguar's decision to fully embrace the packaging and engineering possibilities of an electric powertrain. The steering was perhaps not as feelsome as other Jaguars, but again, who really knows? Two minutes, parking lot, etc. In terms of power, it sure is an electric car. Smooth, quick and quiet, but with so little space to work with, there would've been little noticeable difference between the 394-horsepower I-Pace and the 147-hp Nissan Leaf currently sitting in my driveway. Its estimated range of 240 miles on the EPA cycle? Uh, it was good enough for an afternoon of journalists driving in circles. What I can definitively declare, however, is that the 2019 I-Pace boasts far superior interior quality than every Tesla I've driven. It's also, just as important, a considerable leap forward in terms of materials quality and design from the rather dull and disappointing current Jaguar litter of F-Pace, XF and XE. For instance, leather or leatherette always cover the dash (versus the rubbery stuff found in lower F-Pace, XF and XE trim levels), while there was clearly an effort made to visually spruce things up. The dual-screen center console controls first seen on the Range Rover Velar also appear for the first time in a Jaguar, as does a unique push-button shifter ( though I still prefer a properly utilized rotary). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.