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Quitting Mexico factory helps bring down Ford earnings $200 million in 2016

Ford released its 2016 earnings report this morning, and despite a fourth quarter net loss it proved to be the automaker's second most successful year ever, following record breaking numbers in 2015. Losses for the year come from a number of sources, including accounting changes and a $200 million hit for backing out of the small-car factory in San Luis Potosi, Mexico. Despite the loss, come March 9 about 56,000 UAW-represented employees will receive a $9,000 profit-sharing check. That, like most of Ford's other 2016 metrics, is slightly down from the year before, but it's still the second best profit-sharing payment ever. Total net income was $4.6 billion, down $2.8 billion from 2015. Total revenue for 2016 was $151.8 billion, up $2.2 billion. Ford's earnings report lists a global market share of 7.6 percent, down a tenth from 2015. Ford's European and Asia-Pacific markets posted their best and second best pre-tax profits respectively. The South American, Middle East, and African markets all took hits because of unstable economies and other external factors. Ford expects to have another down year in 2017 as it invests in new and emerging markets and focuses more on its mobility projects.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Ford via Automotive NewsImage Credit: Getty Earnings/Financials Plants/Manufacturing UAW/Unions Ford Lincoln Mexico ford earnings

New Ford dedicated hybrid due in 2018, will it fare better than C-Max?

Everyone likes to go after the champ. When it comes to fuel economy, that means taking on the Prius, which is something that automakers not named Toyota have been trying to do for years. Just because no one has been able to beat the Prius for fuel economy numbers isn't stopping them from trying. Hyundai was just caught with a potential Prius-fighter and now we have news that Ford is joining the party. Well, is going to join again. The last time Ford said it was going to challenge the Prius, it didn't go quite as planned. The C-Max hybrid was heavily hyped as a Prius-beater and was originally rated at 47 miles per gallon. Of course, it later needed to be recalculated to just 40 mpg and sales tanked. So, it's back to the Blue Oval drawing board, according to Automotive News, which is reporting that Ford is readying a brand new gas-electric hybrid due in 2018 as a 2019 model year vehicle. A plug-in version is in the works, too, and the car will reportedly share a platform with the upcoming next-gen Focus and Escape models. About those C-Max sales. They have not been stellar for the C-Max hybrid, which started strong but suffered when the reality of the lower fuel economy was realized. So far in 2014 (through the end of July), Ford has sold 11,685 gas-electric models and another 4,759 plug-in Energi versions. The trend for the standard C-Max is downward (from 20,125 during the same time frame in 2013) and upward for the plug-in version (2,915 in the first seven months of 2013).

Recharge Wrap-up: Tesla considers Model III SUV and wagon, Ford tears Tesla apart

Worries over Brazil's electric grid mean EVs are excluded from green car incentives. As part of a new efficiency program, non-plug-in hybrids will be eligible for a reduction in import duties, while EVs and plug-in hybrids will not. Brazil's government is concerned that the country's grid lacks the capacity to handle the increased load from an influx of EVs. Brazil plans to create a new incentive program - perhaps a more inclusive one - when the current one expires at the end of 2015. Read more at Green Car Reports. Tesla could make SUV and wagon derivatives of the upcoming Model III sedan. Tesla's VP of engineering, Chris Porritt, told Auto Express that to reach as many customers as possible, Tesla would consider all its options. "SUVs, estates - who knows?" says Porritt. He also says that while the company is currently focused on products with a broader appeal, another Roadster or other sports car aren't out of the question in the future. Read more at Auto Express. Ford admits to a Tesla Model S teardown. Ford CEO Mark Fields says that after disassembling, reassembling and driving the model S, his company is "very familiar with that product." He also says the Ford has the capability to build a similarly high-tech, long-range electric car. The questions still remains if Ford has plans for such a vehicle, but Fields says that it fits within Ford's "product philosophy." Read more at Business Insider and at USA Today.