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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.

Lincoln confirms the MKZ only has a few months left to live

Lincoln confirmed it will put the MKZ out to pasture in 2020. The sedan is based on the Ford Fusion, which is also scheduled to retire in the coming months as the company pivots towards high-riding models. Introduced at the 2012 New York Auto Show, the MKZ is the oldest member of the Lincoln portfolio by a wide margin, so its demise hardly comes as a surprise. The firm quietly broke the news as it announced plans to release an electric SUV built using technology borrowed from Rivian. The 2020 model is already out, and Lincoln tells Autoblog production will end in mid-2020, with sales continuing through the rest of the year. There will be no 2021 model.   Though never a home run, the MKZ will be remembered as a significant car because it ushered in the design language that characterizes every model Lincoln sells in 2020 when it received a mid-cycle update for the 2017 model year. And, with up to 400 horsepower on tap, it also stood out as the most powerful production Lincoln ever released. Power and an elegant design weren't enough to give the nameplate a significant boost, and annual sales dropped to 17,725 units in 2019 from a peak of 34,009 cars in 2014. Even the Navigator outsold it. In recent years, the MKZ perplexingly became the autonomous car world's darling. Faraday Future, Didi Chuxing, Aurora, and Qualcomm are among the companies that tested their technology with MKZ-based prototypes. Lincoln explained the Hermosillo, Mexico, factory that makes the MKZ and the Fusion will "prepare for production of new Ford vehicles," but it didn't specify which ones. There's absolutely no evidence the company is developing a direct replacement for its entry-level sedan, so the Continental will carry the torch on its own. Its days might be numbered, too, because several unverified reports claim Lincoln will again consign the nameplate to the attic in the coming years to free up the production capacity it needs to build electric cars in Flat Rock, Michigan. Once it goes, Lincoln's range will be entirely sedan-free for the first time since the company was created in 1917. Some automakers still believe in the sedan, like Audi, but Lincoln seems to be a student of Ford's philosophy. Related Video:    

Ford faces class-action lawsuit for selling vehicles without brake override systems

A total of 20 Ford customers are suing the automaker in a class-action lawsuit for selling vehicles "vulnerable to unintended acceleration." According to Reuters, the suit names 30 models built between 2002 and 2010 with electronic throttle control systems but without a brake override system. Those include the 2004-2012 F-Series pickups and the 2005-2009 Lincoln Town Car. Adam Levitt, a partner with the law firm of Grant & Eisenhofer says the plaintiffs in the case want "to be compensated for their economic losses by having overpaid for cars that contained defects." Levitt contends that the plaintiffs would not have bought their vehicles or paid less for them had they known there was no brake override system in place.
Ford began installing brake override systems in its vehicles beginning in 2010. In response to the lawsuit, Ford has pointed to research by the National Highway Traffic Safety Administration that indicated that unintended acceleration is mostly caused by driver error, saying in a statement that, "NHTSA's work is far more scientific and trustworthy than work done by personal injury lawyers and their paid experts."
Belville et al v. Ford Motor Co. will be heard in US District Court in the Southern District of West Virginia.