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Ford reports $3B profit in Q4, $6.9B for the year

Good news out of Dearborn today, as Ford announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
The results of the substantial profit increases are bigger profit-sharing checks for UAW employees. How big? A record $8,800 on average for 47,000 UAW workers, making 2013 the biggest year for profit sharing in Ford history. In total, $414 million will be paid as part of the profit-sharing scheme.
Now, it should be pointed out that a fair portion of Ford's Q4 profits were due to tax benefits, totaling $2.1 billion, according to Automotive News. Total profits would have also been higher, had there not been a significant recall on the Escape, as well as plant issues in South America.

Even Ford executives had issues with MyFord Touch

MyFord Touch is one of the auto industry's more controversial features. The media broadly panned the infotainment system developed with Microsoft for its slow responses and reliance on voice commands to navigate its deep menus. Oh, and Ford executives weren't big fans, either. Newly revealed court documents in a California class-action lawsuit demonstrate the level of venom Ford employees, both big and small, reserved for the Blue Oval's infotainment system. An error caused Bill Ford's navigation system to crash, leaving the family scion stuck on the side of the road in an unfamiliar area. The documents, unearthed by Forbes, detail current CEO Mark Fields' aggravations with MFT, too. A mechanic emailed an image of a cracked infotainment screen on an Edge to one of Ford's top Sync engineers, Kenneth Williams, suggesting "Mark Fields may have been a little aggravated with the system." But Ford and Fields' issues are nothing compared to the woes of the engineers that had to work on MFT. In a collection of emails obtained by Forbes, one engineer called the system "a polished turd," while another simply said, "These poor customers." And after one engineer suggested using a photo of Ford's Oakville Assembly Plant – home of the Edge, Flex, Lincoln MKX, and MKT production – as a background for the system, one of his coworkers said in an email that someone should instead Photoshop the image to read "abandon hope all ye who enter here," the Detroit News reports. Another summed up the problem, saying: "Ford's quality reputation is completely on the line ... another model year with the same crap is not acceptable." MyFord Touch almost single-handedly torpedoed Ford's reputation in widely reported quality metrics, including JD Power and Consumer Reports. Ford responded with a refreshed Sync3, a wildly improved rethink of its infotainment system that is far more responsive and easier to live with every day. Related Video: News Source: Forbes, The Detroit NewsImage Credit: Ford Government/Legal Ford Lincoln Technology Mark Fields sync 3

Ford recalling 370,000 Crown Vic, Grand Marquis and Town Car models

The Detroit News is reporting that Ford will recall some 370,000 Crown Victoria (pictured), Mercury Grand Marquis and Lincoln Town Car vehicles from model years 2005 through 2011, for an issue regarding the lower intermediate steering shaft. 355,000 of the vehicles in question were sold in the US, with the other 15,000 sold in Canada.
The report indicates that corrosion of the lower intermediate steering shaft could cause a "loss of steering," presumably because of a partial or complete failure of the part. The report points out the dealers will inspect and replace the offending steering component for recalled cars, and may also secure a lower steering column bearing and replace the upper intermediate steering shaft as needed. The company is unaware of any reports of the faulty part causing any accidents or injuries.
Ford helpfully lists states in which corrosion is more likely to have taken place, mostly in the Snow Belt, as you might guess. Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, Wisconsin, West Virginia, and the District of Columbia are listed.