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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.

Recharge Wrap-up: Mercedes B-Class Electric Drive is a rock star, FedEx tests electric trucks

The Mercedes-Benz B-Class Electric Drive is in a new music video for I Lived by OneRepublic. The band's singer, Ryan Tedder, has also been brought on as a brand ambassador for the German automaker. OneRepublic will also be performing the song at the Mercedes-Benz Media Night on the eve of the Paris Motor Show. No word if Mercedes plans to offer hordes of screaming teenage fans as an option package with the B-Class Electric Drive. See the video (the car shows up around the four-minute mark) or read more in the press release below. FedEx is testing converted electric delivery trucks with diesel range extenders. Looking to shrink its carbon footprint, the company has converted a handful of trucks as part of a pilot program. In addition to battery packs, each truck is equipped with diesel turbine generators (supplied by Ian Wright's company, Wrightspeed) to provide electricity when the battery is depleted. Because the diesel motors aren't powering the vehicle directly, they can continuously run at their most efficient speed, making the trucks about twice as efficient as those powered by traditional means. Read more at Wired. Ford's new aluminum-bodied F-150 will be 5 to 20 percent more efficient, the company says. The fuel economy gains depend on the particular version of the truck, but the biggest improvement will likely come from the 3.5-liter V6 and the 2.7-liter EcoBoost V-6. Automotive News predicts the F-150 SFE to be rated at 21 mpg city/28 highway/23 combined, which are identical figures to the Ram 1500 EcoDiesel. The result could be a noteworthy fuel economy battle between Ford and Ram trucks. Learn more at Automotive News. The US Department of Energy is providing $25 million in funding toward reducing the price of algal biofuels. The goal is to get the price of these renewable fuels below $5 per gasoline gallon equivalent (gge) by 2019, and less than $3 per gge by 2030. The money will fund projects to develop better algal cultures that produce biofuel and other useful bioproducts, and projects to boost biomass productivity. The DOE says it wants to help develop a "bioeconomy" that provides jobs, helps the environment and ensures energy security. Read more at Energy.gov. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Plug In 2014: ALTe ready to join Ford's EQVM to convert, sell F-150 PHEV [w/video]

It's been a while since we've checked in with ALTe and its plans to convert big work vehicles like the Ford F-150 into plug-in hybrids. So, when we saw a demonstration vehicle sitting outside the San Jose Convention Center at the Plug In 2014 Conference last week, we had to get a closer look. When we did, we realized that it's been quite some time since we've been in a Ride & Drive vehicle that was all beat to heck. It's been quite some time since we've been in a Ride & Drive vehicle that was all beat to heck. The reason for the well-worn F-150 with 30,000 miles on it is that ALTe has been showing off its extended-range EV technology to lots of people all around the country, and Kyle Maki has been the man on the scene more often than not. "This one, I've taken all over the country," he told AutoblogGreen. "I've wore out that seat, I think. The only reason this one wasn't driven here was because we were in Charlotte [NC] last week and I didn't want to take a chance and not make it in time for this event." In other words, ALTe is out there, ginning up excitement for the idea of a plug-in hybrid Ford with an electric range of up to 40 miles and which can then continue on gas for another 360 miles at around about 25 miles per gallon. ALTe wants to not only convert new vehicles but it also offers retrofits for fleets that are happy with their current fleet. The company offers converted versions of the Ford E350 and E450 utility vehicles now but the near-mythical F-150 PHEV is still "coming soon." Yes, orders are now being accepted, but you will be forgiven if you think this is all happening on a slow time scale. There are simply a lot of things to do before ALTe can sell the truck. ALTe is currently attempting to join Ford's EQVM program, which is the electric version of the standard Qualified Vehicle Modifiers program. The QVM program requires coachbuilders to "be successfully evaluated by Ford Motor Company on criteria such as engineering, the manufacturing process, quality control, and adherence to Ford and Lincoln Divisions guidelines." Qualified applicants must also meet all applicable Federal Motor Vehicle Safety Standards, conform to Ford/Lincoln conversion guidelines and agree to be inspected annually as well as have a "commitment to continuous improvement." Maki has a simpler explanation. "It basically means you're a preferred supplier, a Tier 1, if you will," he said.