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Ford Q1 profits dragged down by warranty costs

General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Financially, Ford suffered a rough quarter almost across the board. Its pre-tax profit of $1.4 billion was also down $765 million from a year ago. Things were even worse in the North American market where operating profit fell significantly to $1.5 billion, down from $2.392 billion in Q1 2013. However, its global revenue ticked up slightly to $35.9 billion, from $35.6 billion in this period in 2013.
Ford admitted that it spent about $900 million on expenses that it hadn't planned for during this quarter. According to Reuters, the company paid about $400 million in additional warranty and recall costs in North America. The automaker didn't explain why the costs were so much higher than expected. However, in the last three months, Ford has had several recalls, including on the 2001-2004 Escape for rust, Explorer for its steering, Edge for its fuel line and others.

2015 Ford F-150 brings big aluminum to the Rust Belt [w/video]

Just when you thought you'd figured the fullsize truck market out, Ford goes and throws us a massive curve ball with the 2015 F-150. The big headline news aren't tow or payload ratings, though we're sure those figures will be fully competitive if not class leading, they haven't yet been announced. Instead, the big headline news Ford is highlighting are the truck's new aluminum-intensive structure and 2.7-liter EcoBoost V6 engine.
And with good reason - all that aluminum means that Ford was able to cut a massive 700 pounds from the truck's curb weight. That is going to cause all sorts of great things to happen to the 2015 F-150's driving dynamics, performance and fuel efficiency, not to mention its ability to haul heavy loads. For those customers worried about the strength of aluminum versus the more conventional steel, Ford is quick to point out that many military vehicles, such as the HMMWV and Bradley Fighting Vehicle, use a very similar sort of aluminum alloy in their construction.
It's also worth mentioning that the backbone, a fully boxed ladder frame, is hewn from high-strength steel. Ford says "2015 Ford F-150 is the strongest and most durable F-150 ever," for what it's worth, claiming that "torture tested" in labs and in the real world for more than 10 million miles. What's more, the truck, in disguised form, completed all 883 miles of the Baja 1000.

Ford promises 12 new global performance vehicles through 2020

Ford just keeps rolling out the big announcements today. We've already told you about the next-gen Focus RS coming to the US and the upcoming Sync 3 infotainment system. And this latest one should perk up the ears of racing fans or anyone who enjoys an enthusiastic drive (basically, all Autoblog readers). The Blue Oval says it has "more than 12" new performance vehicles on the way globally through 2020. Unfortunately, the only one that the automaker confirms at the moment is the Focus RS, but recent rumors might suggest a few others. Ford reportedly has the Shelby Mustang GT350R, next-gen F-150 Raptor and a Ford GT successor all on the way, all of which could possibly debut at the Detroit Auto Show in January. The future GT might even take the company back to racing at Le Mans. Speaking of motorsports, Ford is also blending its performance vehicle and racing efforts worldwide into a unified entity by combining SVT, Team RS and Ford Racing into a new organization called Ford Performance. It's responsible not just for excelling on the track but also for developing aero improvements, electronics, powertrain and lightweight tech for the Blue Oval's vehicles. "Our new global Ford Performance team ties together racing, performance vehicles and parts. It will allow us to more quickly introduce products and accessories that meet the needs of customers around the world on-road and on the track," said Raj Nair, Ford group vice president, Global Product Development, in the company's press release. The automaker thinks this market might be booming, especially among younger buyers. For example, recent data shows Millennials buy ST models at twice the rate of the rest of Ford's cars. Scroll down to read the Blue Oval's full announcement of the new division and the plan to get excited about things to come. FORD DRIVING PERFORMANCE INNOVATION TO NEW LEVELS; MORE THAN 12 VEHICLES COMING FROM NEW GLOBAL TEAM Ford bringing more global performance vehicles to customers worldwide; more than 12 new performance vehicles through 2020 – including Focus RS – to be available globally Ford uniting regional performance engineering and racing teams as one global team under Ford Performance, delivering more new vehicles and parts, more quickly Ford will deliver more than 12 new performance vehicles for global enthusiasts through 2020, as the company announced today its new global Ford Performance team.