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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.

Editors' Picks March 2021 | Ford Mustang Mach-E, Polestar 2, Land Rover Defender and more

The month of March was unofficial minivan month here at Autoblog. We drove all of them but the Kia Carnival, but don’t worry, you wonÂ’t have to wait much longer to read that review. Among all the family-toting machines, we drove some more exciting vehicles including the Land Rover Defender and a pair of up-and-coming EVs. It was a month of excellent cars, meaning that this monthÂ’s litter of EditorsÂ’ Picks is stacked. In case you missed FebruaryÂ’s picks, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary or stand out in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in March that earned the honor of being an EditorsÂ’ Pick. 2021 Ford Bronco Sport 2021 Ford Bronco Sport First Edition View 32 Photos Quick take: Ford's baby Bronco is an authentic foil to the big Bronco 2-Door and 4-Door. It brings rugged styling, better-than-average off-road capability and thoughtful utility features to a generic segment of cars. Score: 8 What it competes with: Jeep Compass, Jeep Cherokee, Mazda CX-30, Subaru Crosstrek, Kia Seltos, Chevrolet Trailblazer Pros: Stellar design, excellent off-road, clever interior details throughout Cons: Pricier than most, average transmission, underwhelming interior quality and ambiance in lowest trims From the editors: Road Test Editor Zac Palmer — “I genuinely enjoy driving this cute crossover. It feels like a mini truck on the road, and Ford admirably translated the design from its big Bronco over to this Escape-based crossover. News Editor Joel Stocksdale — "The Bronco Sport isn't perfect, the transmission could use some work, and it's a little bumpy, but it's a characterful little thing with loads of style, great visibility and space, and impressive capabilities on and off road in the powerful Badlands form." In-depth analysis: 2021 Ford Bronco Sport Review | Bronco for the masses   2021 Land Rover Defender 2021 Land Rover Defender 110 View 64 Photos Quick take: The Land Rover Defender provides everything you'd hope for in a modern Land Rover: superlative off-road capability, surprisingly plush on-road demeanor, abundant interior space and abundant character. The base four-cylinder is likely all you'll need and lower trim levels provide more than enough equipment.

Genesis cars win accolades, offer value — so why are sales so bad?

My high-school buddy Brent Cormier was so smitten with the Genesis G80 when he saw it at an event I hosted at SXSW in 2016 he bought a used 2013 Hyundai Genesis a short time later and fell in love with the car. "It surpasses my every expectation," said Cormier, a self-described "renaissance man" who owns and runs a real estate agency with his wife Laura, is a food service executive chef and part owner of Austin-based Thin the Herd Guitars. "I was locked into Mercedes and Audi for 10 years," he added. "And felt trapped in an endless pit of maintenance costs." After owning the Genesis over the past two years — including using it as an Uber and Lyft driver to earn extra cash — Cormier learned what some frugal luxury sedan buyers and a handful of car reviewers have discovered: Genesis offers great bang for the buck compared to other premium brands and can compete with the best in terms of performance, features and comfort. Hyundai's luxury brand also earned a prominent third-party endorsement last week when for the first time Genesis topped J.D. Power's 2018 APEAL study, surpassing German luxury-performance icon Porsche. The APEAL study (which stands for Automotive Performance, Execution and Layout) "measures owners' emotional attachment and level of excitement across 77 attributes," ranging from performance to comfort, and asks nearly 68,000 owners of new 2018 models to score vehicles on a 1,000-point scale. In its second year ranked as a stand-alone brand, Genesis earned an APEAL score that bumped it up 15 points to 884 and helped push it past Porsche — and past BMW, Lincoln, Mercedes-Benz, Audi, Volvo, Cadillac, Land Rover and Lexus, in order of ranking. Last month, Genesis also topped J.D. Power's Initial Quality Survey (IQS) for the first time this year. And both its models were awarded Top Safety Pick Plus ratings by the Insurance Institute for Highway Safety, among 11 Plus ratings in all for Korean vehicles. Despite high J.D. Power rankings and great reviews, Genesis U.S. sales were off 50 percent for the first six months of 2018 compared to 2017, and in June Genesis sold only 796 vehicles — the first time U.S. numbers dropped below 1,000 in a month. Part of Genesis's APEAL and IQS success can be attributed to its small product lineup: just two models, the G80 and G90 sedans, with a third, the 2019 G70, launching later this year. And while those numbers may help in J.D.