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Ford posts record pre-tax Q3 profit of $2.6B

Ford took in $2.6 billion in pre-tax profits in the third quarter of the year, making for a record trio of months that saw the Blue Oval's year-over-year earnings increase by $426 million. The earnings are being attributed not just to improvements in North American sales, but sales around the globe.
Revenue was up 12 percent, to $36 billion, although net income took a hit, dropping $359 million to $1.3 billion. Ford was dinged with $498 million in pre-tax charges, which are being blamed for the drop in net income.
The news has boosted Ford's hopes for full-year results, bumping it's total profits up past $8 billion, according to Automotive News. The Dearborn, MI-based manufacturer is still expecting a loss in Europe, although it's forecasted less than the $1.73 billion it burned in 2012. In fact, according to CFO Bob Shanks, Ford's European losses dropped by 51 percent year-over year, a huge improvement for the brand.

2015 Ford Mustang to offer solid-rear axle, sort of

One of the biggest knocks against the last Ford Mustang was its solid-rear axle. Not one to actively court criticism, Ford dutifully swapped out the old-fashioned rear end for something a bit more modern in the redesigned 2015 Mustang, adding an independent rear suspension across the board.
While an IRS Mustang is great news for those that value handling and ride comfort, there's one big group that it's bad news for - drag racers. See, a solid-rear axle is a big deal for drag racers, because not only is it more durable and cheaper, but it's better for the hard launches that can make or break a race.
To satiate this vocal demographic, Ford will sell a body-in-white version of the Stang, complete with a nine-inch rear axle, that will debut at the 2014 Performance Racing Industry show. The news came from gas2.org, which cited an unnamed employee of Ford Racing at this year's PRI show.

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.