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Ford nets $5.7B in 2012, $1.6B in fourth quarter

Ford brought in $5.7 billion in net income during 2012, which is around $307 million less than one year prior. Even so, the automaker closed out 2012 with the highest pre-tax profit for a single quarter in nearly 10 years, earning $1.7 billion in the fourth quarter thanks largely to a higher-than-average truck mix in the US. That's a jump of $577 million over 2011. Likewise, that translated into fourth quarter income of $1.6 billion. All told, Ford set a full-year pre-tax profit record in 2012. But that doesn't necessarily mean everything is rosy in the land of the Blue Oval.
Like every other manufacturer, 2012 saw Ford get hammered in the European Union, where a deep economic recession continues to drive down consumer confidence. The automaker lost more than $700 million in Europe, and saw full revenue of $26.6 billion in 2012. That's a decline of $7.2 billion compared to last yea. Ford says the market for new vehicles in Europe has contracted to 13.5 million units, the lowest number in 17 years. You can read the full press release below for more information.

Reflecting on the Ford GT on its 10-year anniversary

Ten years ago, during the bright-eyed enthusiasm of the early 2000s and before the collective automotive industry did its best Titanic impression, we had the Ford GT. An everyman's supercar like there'd never been (remember, this was before 638-horsepower Corvettes were a thing), the GT arrived with a supercharged, 5.4-liter V8 that produced 550 horsepower and graced this retro-styled rocket with an easy, sub-four-second sprint to 60 miles per hour.
Equal to the GT's performance were its looks. Inspired by the GT40 racers that dominated Le Mans and bested Ferrari in the 1960s, the sleek, low, almost-reptilian look of the GT was the absolute pinnacle of the retro styling that so defined the early 2000s.
Crank and Piston put together a video celebrating the ten-year-old GT, arguing that Ford is a bit too busy with the next-gen Mustang, which turns 50 next week, to do it themselves. In the short clip, there is gratuitous engine noise and supercharger whine, not to mention scenes of the white-on-red GT prowling the deserts and streets of Dubai. It's a bit short, but very nicely shot. Scroll down, have a look and be sure to turn up those speakers before getting started.

Feds Probe Power Steering In 938,000 Ford Midsize Cars

U.S. safety regulators are investigating complaints that the power-assisted steering can suddenly fail on three Ford midsize car models. The probe covers 938,000 Ford Fusion and Lincoln MKZ cars from the 2010 through 2012 model years, as well as the 2010 and 2011 Mercury Milan. The National Highway Traffic Safety Administration says it has received 508 complaints alleging that the cars lost power-assisted steering, causing increased steering effort. Four complaints say the problem caused crashes, but no injuries were reported. The agency says in documents posted Monday on its website that in many cases, a warning message appeared as the failure happened. Restarting the car corrected the problem in some cases, but the problem returned in others. The agency says it will check the scope and frequency of a problem. It could seek a recall. Ford says it's cooperating with the probe. Shares of Ford Motor Co. rose 6 cents to $14.65 in morning trading Monday. Its shares are down 14 percent over the past year. Related Gallery Our Favorite Hot And Sporty Cars For 2015 Recalls Ford Lincoln NHTSA Ford Motor Company power steering mercury milan investigation