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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.

Jaguar Land Rover puts the freeze on wounded soldier-athletes [w/video]

For athletes, the cold is often a powerful ally in treating injures, with RICE (rest, ice, compression and elevation) a popular means of treating muscle pulls, bruising and other common forms of discomfort. Did you know, though, that frosty temps are also popular tools for simply recovering from a rough training session?
Well, we're guessing Jaguar Land Rover knew that, as the British company was kind enough to loan out its climactic testing chamber to Jaco van Gass and Luke Darlington, a pair of veterans wounded in their service to Queen and Country. Van Gass, a former private in the Royal Army, and Darlington, a Royal Marine, are attempting to earn a spot on the British Armed Forces cycling team for the upcoming Invictus Games.
The Games, inspired by the Warrior Games held in the United States, are a sporting competition reserved for injured servicemen and women, either active duty or veterans, and is slated to take place from September 10 to 14 in London's former Olympic venues. Van Gass lost his left arm below the elbow after getting hit by a rocket-propelled grenade (he also suffered from a collapsed lung, punctured internal organs, severe shrapnel and blast wounds, a broken tibia and a fractured knee). Darlington, meanwhile, suffered a traumatic brain injury during action in Afghanistan, and he now suffers from weakness in his right side and cognitive issues.

Ferrari exec to lead Jaguar North America

Jaguar has announced that Jeff Curry will be serving as the brand's new North American vice president, effective August 13. The move is a coup for Jag, which lured Curry away from his previous posting as VP of marketing for Ferrari North America, and is further evidence of just how strong Jaguar's comeback has gotten.
Curry has spent over 20 years in the auto industry, and has worked with Audi, SiriusXM and Land Rover, where he made his start in the industry. His primary responsibilities with Jaguar will cover marketing communications, customer relationship management, and product planning.
Jaguar Land Rover's North American president, Andy Goss, heaped praise on the brand's newest addition saying, "Jeff brings with him extensive automotive and luxury marketing experience, critical expertise in leading-edge technologies and a personal passion for automobiles."