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Ford reports 58% drop in Q2 profits on European losses

Ford Motor Company announced Wednesday that it has posted a $1 billion profit for the second quarter of 2012. That sounds like good news for the Blue Oval, until you take into account that Ford posted a $2.4 billion profit for Q2 a year ago. That is a substantial 58 percent loss.
Ford also posted $465 million in international losses, with $404 million of those losses coming directly from Europe. The automaker also increased its European loss projections to $1 billion for 2012, due in large part to the economic crisis overseas, which has resulted in increased unemployment and decreased consumer confidence.

SEMA crowns Mustang, FR-S as this year's hottest cars in the building

After wrapping up the first day of the 2012 SEMA Show, organizers handed out awards for some of the trendiest vehicles on display. Since the whole point of SEMA is to show off new products available in the aftermarket world for use in cars, trucks and SUVs, each year, the show distinguishes the most popular vehicle in various segments. Not surprisingly, this year's Hottest Car and Hottest Sport Compact are the Ford Mustang and Scion FR-S, respectively, while the Ford F-Series brought home the Hottest Truck and the Jeep Wrangler was named the Hottest 4x4-SUV.
More than 2,000 companies are at this year's show, and the display booths represents a "vote" for each car to determing the trendiest vehicles in each of the four categories. It isn't clear if these awards also take cars brought by OEMs into account, but the Mustang and FR-S were definitely well represented by both OEM and aftermarket show versions.
As usual, the OEMs showed up in force at the this year's SEMA Show exhibiting a variety of cars ranging from production-intent cars like the beastly Ford Mustang Cobra Jet to much flashier rides like Scion's Carbon Stealth FR-S.

Saab-powered Ford is the most unlikely drift car we've seen

Yes, you read that headline correctly. It's supposed to be a Saab-powered Ford, and not the other way around (although we fully support the notion of a Sonnet with a Flathead V8). Apparently, some lunatic in the UK took an ass-less 1953 Ford Anglia, paired it with a turbocharged Saab engine, and tuned the entire thing to go drifting. We like it. Called Urchfab, it's the subject of Carfection's (the blokes formerly known as XCar) latest video. Aside from looking like an extra from the British version of Mad Max, it has a problem with grip, in that there's just too much of it. This car is a fabber's dream, as we get to see its unnamed owner fashion new bits and bobs for the suspension before having an unfortunate encounter with a wall at Castle Combe. You can check out the full video up at the top of the page for a closer look at this monstrous Anglia. Related Video: