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Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.

Kawei K1 pickup blatantly copies Ford F-150

The Chinese auto industry used to be looked at as a joke full of products blatantly copied from foreign vehicles. However, companies like Qoros and others show that the country's automakers have taken big steps in terms of original design. It doesn't look like every automaker there is ready to put down the tracing paper yet, though. Case in point: The Kawei K1 pickup pictured above, which is an obvious rip-off of the Ford F-150. In fact, the company isn't even hiding it. Kawei deserves a little credit for its openness. In describing the new model, it says: "No matter the black net grille and the outline of the headlamp, even if the styles of fog lamp and engine cover, it looks the same as Ford Raptor." It also admits that spelling out the model name on the hood is inspired by Land Rover. It's available with either a 2.4-liter, gasoline-fueled four-cylinder producing 141 horsepower and 148 pound-feet of torque (elsewhere it also lists it as having 162 lb-ft) or a 3.2-liter six-cylinder diesel with 106 hp and 181 lb-ft. Regardless of engine, power is sent to the rear wheels through a five-speed manual gearbox. The trucks cost around 100,000 Yuan ($16,033). So at least the K1 is a reasonably priced knockoff. According to Car News China, the K1 is actually selling in small numbers. The company made 10,000 of them last year and even exported some to Africa and the Middle East. Kawei's factory is doubling in capacity this year to build even more. You can read more about the truck on the company's website in some very mangled English. Featured Gallery Kawei K1 Pickup View 11 Photos News Source: Kawei via Car News ChinaImage Credit: Kawei Beijing Motor Show Ford Truck Diesel Vehicles Beijing 2014

Lincoln plans electrified versions of all models by 2022, say sources

DETROIT - Ford Motor Co's premium Lincoln brand plans to offer hybrid gasoline-electric versions of all its U.S. models by 2022, according to three sources familiar with the plans. Details could be announced as early as Oct. 3, when Ford Chief Executive Officer Jim Hackett plans to update investors on the automaker's strategy. Company officials are also considering whether to introduce one or more all-electric Lincoln models, one source said. The proposed electrification scheme could be critical to Lincoln's future in China, which will require automakers to make electric vehicles an increasing percentage of their total sales. The Lincoln hybrids are part of a broader Ford program to offer at least 18 new electric and hybrid models over the next five years, the sources said. Lincoln aims to follow a path blazed this year by several European premium brands, including Daimler AG, Zhejiang Geely Holding Group's Volvo Cars, BMW and Jaguar Land Rover, all of which have announced plans to offer more hybrid and all-electric vehicles. Global luxury brands are responding to competitive pressure from Elon Musk's Tesla Inc, and proposals by the Chinese government to mandate significantly higher levels of electric vehicle sales in the world's largest auto market. The plan to offer a portfolio of Lincoln hybrid models was crafted before Hackett took over in May, the sources said. Ford said in January 2016 it would spend $4.5 billion to electrify a portion of its U.S. fleet, including hybrid versions of the Mustang and the F-150, and at least 11 other models. The extent of its electrification effort, including details on specific new and redesigned models, has not previously been disclosed. A Ford spokesman said the company would not comment on future products. As the Lincoln brand rolls out redesigned versions of its existing models and introduces at least one new model, it is planning to introduce plug-in hybrid versions of those vehicles, beginning with the redesigned MKC crossover and the new Aviator crossover in 2019, the sources said. The redesigned Lincoln Navigator utility vehicle, which goes on sale this autumn, is expected to add a conventional hybrid version in 2019. Subsequent redesigned Lincoln models, including the MKZ sedan in 2020 and the Continental sedan and MKX crossover in 2022, are expected to include plug-in hybrid variants, the sources said.