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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

Possible MKX concept teased as Lincoln confirms China expansion

We've been speculating for years about the future of Lincoln. Some thought that Ford needed to kill the division like it did Mercury, while others saw the sales possibility in a brand with so much history. Ford has finally made a decision, and it wasn't what many people were expecting. Lincoln is launching in China this fall, with the brand rollout starting at the upcoming Beijing Motor Show. A new video hints that we might even get to see the concept for the next-generation MKX.
Lincoln is marketing itself in China as a customer-focused, high-end luxury ownership experience. To prove it, the Lincoln Space in Beijing is meant both as a prototype dealer and a grand show of its plans. The modernist structure looks more like an art museum than a car showroom, and the interior decor is like a high-end hotel lobby. The company says that every dealer is going to have license plate recognition technology that knows when an owner arrives, and there will also be a Personalization Studio where potential buyers can design their car with family. Lincoln is promising to have eight showrooms ready in seven cities by this fall.
Of course, a stylish showroom is nothing without cars to sell. Lincoln is promising five models on sale in China by 2016. The MKZ and MKC launch this fall. A midsize luxury SUV, a fullsize luxury sedan and the Navigator are coming later. All of the models sold there are being imported from North America.

Autoblog Podcast #403

Episode #403 of the Autoblog Podcast is here, and this week, Dan Roth, Michael Harley, and Ronnie Fung of Autoblog Canada talk about the $5 billion investment Ford is making in Lincoln, the McLaren 650S, and the best apps for drivers. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening!
Autoblog Podcast #403:
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