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Ford to announce Mulally retirement, Fields CEO as early as May 1

Ford CEO Alan Mulally may be about to announce his long-rumored retirement from the Blue Oval, according to a pair of insiders who spoke to Bloomberg. An official statement on the succession could arrive as soon as May 1. Chief Operating Officer Mark Fields is rumored to step up as the new CEO. The company is said to be readying the announcement soon to ensure an orderly transition of power, according to the insiders.
Mulally's retirement from Ford has been a hot topic for a while. He was seriously rumored last year to be leaving the automaker to take over as the CEO of Microsoft. The board even said at one point that it was okay with them if he stepped down early. However, the CEO maintained he would stay with the business through at least the end of 2014. Fields has been rumored as a frontrunner to take over the top spot at the company since he was promoted to COO.
For the moment, Ford isn't officially confirming any of these plans. "We don't comment on speculation. We do have succession plans in place for our key leadership. We take succession planning very seriously," said Susan Krusel, Ford Global News Manager, to Autoblog.

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

Ford recalling 2015 Mustang for fuel line leak, 20K Transit Connects for plastic panel

Ford is recalling 738 examples of the 2015 2015 Mustang with the 2.3-liter EcoBoost engine – 712 in the US, 16 in Canada. A fuel pressure sensor might have been installed incorrectly on the affected cars, and that could result in a fuel leak. At the time of writing the company hasn't heard any reports of any incidents related to the issue, and parties with affected vehicles can take them to the dealer to have the fuel tube assembly replaced free of charge. The 2014 Transit Connect Cargo Van is also the subject of a safety recall, due to a possible problem with adhesive used on the exterior plastic panel on the sliding doors. There are 19,825 units covered by that recall, which dealers will also repair free of charge. You can find more information on both bulletins in the press releases below. Ford Issues Safety Recall for Certain 2015 Mustang Vehicles in North America for Fuel Pressure Sensor Issue Dec 4, 2014 | DEARBORN, Mich. - Ford is issuing a safety recall for approximately 730 2015 Ford Mustang vehicles in North America (actual 728) for a potential fuel line leak. A fuel pressure sensor, which is part of the fuel supply tube assembly, may have been installed incorrectly, potentially resulting in a pressurized fuel leak. A fuel leak in the presence of an ignition source may result in a fire. Ford is not aware of any fires, accidents or injuries related to this condition. Affected vehicles include certain 2015 Ford Mustangs equipped with 2.3-liter engines built at Flat Rock Assembly Plant, Sept. 25, 2014 to Oct. 9, 2014. Ford is aware of 712 vehicles in the United States and federalized territories and 16 in Canada. These totals are as of Dec. 3, 2014. Dealers will replace the fuel supply tube assembly at no cost to the customer. *** Ford Issues Safety Recall for Certain 2014 Transit Connect Cargo Van Vehicles in North America for Issue with the Plastic Panel on the Sliding Doors Dec 4, 2014 | DEARBORN, Mich. - Ford is issuing a safety recall for approximately 20,000 2014 Transit Connect cargo van vehicles in North America (actual 19,825) for an issue with adhesion of an exterior plastic panel to the sliding doors. This issue may result in noise, a water leak, a loose panel, or separation of the plastic panel from the vehicle while driving, potentially increasing the risk of an accident or injury. Ford is not aware of any accidents or injuries related to this condition.