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Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Ford cuts production at 5 plants, has big backload of cars including Mustang

DETROIT — Ford said on Tuesday it plans to idle five North American vehicle assembly plants for a total of 10 weeks to reduce inventories of slow-selling models. The plants affected include three assembly plants in the United States and two in Mexico, the company said in a statement. The vehicle models include the Ford Fusion and Lincoln MKZ midsize sedans, the Ford Focus compact car, the Lincoln Continental and Ford Mustang, Ford Fiesta and the Ford Transit van. Ford said the Cuautitlan assembly plant that builds the Fiesta would be idled for three weeks. The Hermosillo, Mexico plant that builds the Fusion and MKZ and the Flat Rock, Michigan, factory that assembles Continentals and Mustangs will be idled for two weeks each. The Michigan Assembly plant that builds the Focus will be idled for one week, and the Kansas City assembly line that builds Transit vans will be down for two weeks. Ford did not give dates for the temporary shutdowns. The factories involved employ more than 15,000 people, according to Ford's website. The company did not say how many of those workers would face temporary layoffs. As of Sept. 1, Ford had 111 days' worth of unsold Mustangs, 87 days' supply of Fusions, and a 103 days' supply of Transit vans, according to Automotive News. Dealers had enough unsold Lincoln Continentals to last 162 days. Automakers aim for 65 to 70 days of inventory of most models. Ford and rival General Motors have wrestled most of this year to rein in high inventories of passenger cars as consumers have shifted to buying pickup trucks and sport utility vehicles. Production cuts slice into revenue, but also could help the automakers avoid deeper price cuts on vehicles they can sell. Reporting by Joe WhiteRelated Video: Image Credit: Reuters Plants/Manufacturing Ford Lincoln Convertible Coupe Minivan/Van Sedan ford transit inventory flat rock kansas city assembly plant hermosillo

2016 Lincoln MKX gets 330-hp EcoBoost V6, new auto braking system

Lincoln has been treading water with the MKX. The crossover's sales were flat in 2014, and its appearance and mechanicals have been largely unchanged since its last redesign in 2011. That changes this fall, when the redesigned 2016 MKX goes on sale in the United States with a more powerful EcoBoost engine, an upgraded cabin and a host of new comfort and safety features designed to make the crossover more competitive and increase its sales. The MKX debuts Tuesday at the Detroit Auto Show, though pictures leaked last weekend. The new vehicle has at least 36 new features compared with the outgoing model, and perhaps the most significant is the addition of the optional twin-turbo 2.7-liter EcoBoost V6, which is expected to make more than 330 horsepower and 370 pound-feet of torque. That's a major jump from the naturally aspirated 3.7-liter V6, which is the only engine option available on the current vehicle. It continues as the standard engine for the 2016 model and is rated at 300 hp and 280 lb-ft. The engines are paired with six-speed automatic transmissions. Front wheel-drive is standard, and all-wheel drive is an option. Lincoln engineers focused on improving the driving character of the new MKX. The chassis is revised, and the rear suspension uses an integral link setup. It's also the first Lincoln to get adaptive steering. The body structure is updated and designed to keep more outside noise from the cabin. "Quietness is luxury," chief engineer Elaine Bannon said. The MKX was also redesigned with a focus on safety. The MKX is among the first Ford Motor Co. vehicles to get a new feature, called pre-collision assist. The technology will warn the driver if it senses a crash is imminent and apply the brakes. The technology is also launching this year on the European version of the Ford Fusion, the Mondeo. Additionally, the MKX gets a 360-degree camera that aids with parking. The camera is mounted behind the Lincoln star badge in the middle of the split-wing grille. It extends to offer a view of up to seven feet around the perimeter of the crossover. Lincoln also added an auto hold feature, which keeps the vehicle from moving when it is sitting in traffic. Lincoln underscored the MKX's new safety and technology with a more dramatic design for 2016. It has a swoopy appearance with fender flares similar to those on the MKC, and it's curvier and more creased than the outgoing MKX.