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Jim Hackett says metal tariffs costing Ford $1 billion in profits

Ford CEO Jim Hackett divulged in an interview with Bloomberg that the Trump administration's tariffs on metals imported from the European Union, Canada and Mexico have affected the automaker's balance sheet, adding that trade disputes need a quick resolution. "From Ford's perspective, the metals tariffs took about $1 billion in profit from us," Hackett told the outlet. "The irony is we source most of that in the U.S. today anyways. We're in a good place right now, but if it goes on longer there will be more damage." Hackett did not specify what period the $1 billion covered, but a Ford spokesman said the CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. President Trump in March announced his intention to enact 25 percent tariffs on steel imports and 10 percent on imported aluminum from the three trade zones as a way to protect the U.S. steel industry. The move sent U.S. automakers' stock prices plunging at a time when they were coming off weak monthly sales reports. Separately, President Trump has targeted China with two rounds of tariffs targeting a combined $260 billion worth of imports. China has responded by enacting 25-percent tariffs on U.S. goods including vehicle imports. In the interview, Hackett said that has hurt demand for Lincoln, which has found a growing market for its luxury vehicles in China, and made the price of the Lincoln MKC less attractive to Chinese buyers. The MKC is built at the company's Louisville, Ky. assembly plant. "We've had to move people in that factory to other operations because of that trade problem," he said. It's not clear what those moves entail or how many workers were involved. Autoblog sought comment from a Ford spokeswoman and will update this story if we hear back. Ford last month announced it was scrapping plans to import the Focus Active small crossover to the U.S. from China because of the new 25-percent tariffs on Chinese imports. Material from Reuters was used in this report Related Video:

2017 Lincoln Continental: Was this mic-drop moment just a big flop?

The Lincoln Continental may have been our fifth-place pick for Best In Show at this year's Detroit Auto Show, but it's probably the one we argued about the most. In fact, we're still talking about it. And we'll no doubt be discussing it long after we finally get to drive the new sedan later this year. We do this with lots of cars, all the time. The Continental is an especially important, high-profile car right now. It has the task of being a torch-holder for the struggling-to-run Lincoln brand, and that's a tough job these days. But did Lincoln do right by its Continental name? Did its Detroit showcar stop us in our tracks, or were we left feeling cold? In an effort to show you our full discussion, we're trying something different. About a week after the Detroit Auto Show press days concluded, Autoblog's Jonathon Ramsey sent an email around to some editors about the Continental to open a discussion. It got heated, and fast. And while we considered summarizing it, we decided to instead post the whole, largely unedited (adjusted for typos and swear words) chain. From: Jonathon Ramsey To: Autoblog Team Does anyone else think it's a problem that the new Continental looks 85 percent like the MKZ? And another 10 percent of it looks like a Jaguar and a Bentley? Because I think Lincoln screwed the pooch. The German Three plus Porsche can make cars that look alike – they've earned the right, even if I'd rather they didn't. The MKZ looks like a car for regional sales reps. Lincoln broke the glass in case of emergency, grabbed the Continental name, then put it on a car that looks a lot like that sales-rep car, but one for regional VPs. Do we really think this can work? Because I don't. From: Steven Ewing To: Autoblog Team Personally, I'm pretty disappointed in the final execution of Continental. I'm glad Lincoln isn't obsessed with chasing the Germans, but at this point, it's not even chasing Cadillac. I think that introducing the new front end and TTV6 engine on the MKZ before the Continental was a huge mistake. And while I have high hopes for the Conti from a comfort/driving standpoint, my gut instinct is that it's going to be more "better than the MKS" than "best American luxury sedan." Introducing the new front end and TTV6 engine on the MKZ before the Continental was a huge mistake.

Lincoln Corsair reportedly getting a PHEV among three engine options

What's a Lincoln Corsair, again? That would be the forthcoming replacement for the current Lincoln MKC compact crossover, and we know little about it besides its name change and the fact it'll be related to the also-redesigned Ford Escape. However, The Truth About Cars says it saw paperwork Ford filed with the National Highway Traffic Safety Administration detailing Corsair powertrain options. These VIN decoder documents reportedly indicate three available engines, including, most notably, a plug-in hybrid. TTAC, which didn't post the documents, indicates the hybrid's heart will be a 2.5-liter Duratec four-cylinder – such an engine currently power base models of the Ford Escape and Fusion. All-electric driving range is unknown, but the Fusion Energi can go 25 miles, and crossover competitors do anywhere from 22 to 26 miles on EV power. What we do know is that all PHEV Corsairs will come with AWD. This would be the first time we've seen mention of a Lincoln Corsair plug-in hybrid, but the idea isn't far fetched. The new Lincoln Aviator will offer a plug-in hybrid version, and we know there's a traditional hybrid version of the related Ford Escape crossover on the way. Spy shots of that vehicle from earlier this month didn't show the plug-in port where Ford likes to put it, on the left front fender. We expect a different powertrain in that model and we also wouldn't be surprised if there's an Escape PHEV as well. The other two powertrains will reportedly be the MKC's 2.0-liter Ecoboost four-cylinder as the base, with the 2.3-liter EcoBoost continuing to be an optional upgrade. TTAC also says the VIN document indicates that trim configurations have changed to simply offering standard and Signature trims (from the MKC's standard, Select, Reserve, and Black Label levels). This is hard to believe given that every other Lincoln offers a Black Label and is usually the model featured in promotions and official photography. There's still a lot to be learned about the Lincoln Corsair, including whether these VIN documents are accurate. We expect to know more later in the year. Given that the Lincoln Aviator was shown before its Ford Explorer sibling, we wouldn't be surprised if the Corsair made its official introduction first. Related Video: