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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

A hybrid and electric Corvette, plus we drive the Ioniq 5 | Autoblog Podcast #728

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. Zac drove the electric 2022 Hyundai Ioniq 5, and Greg drove the fire-breathing 2022 Maserati Levante Trofeo. The two dive deep into the relatively heavy news week by starting off with a discussion about the upcoming hybrid Corvette before chatting about what the electric Corvette might be like. They have a chat about the possibility of Porsche and Audi officially joining the Formula 1 field. Then, Greg and Zac get into some quick-hitting news to round out the segment by dissecting the updated Kia Soul (now without a turbo), the 30th Anniversary Edition Land Rover Defender and the new CEO at Aston Martin. Following the news and drive reviews, they rope in Senior Editor, Green John Beltz Snyder to give them a quick download of what went down at the first drive for the 2022 Ford F-150 Lightning. Finally, they reach into the mailbag and answer some questions from someone who is less than pleased about infotainment systems in some new cars. And lastly, the gang hears back from someone they helped out in a prior Spend My Money segment on the podcast. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #728 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News The hybrid AWD Corvette and the electric Corvette Audi and Porsche to enter Formula 1 Land Rover Defender 30th Anniversary model 2023 Kia Soul refresh A new CEO at Aston Martin Cars we're driving 2022 Maserati Levante Trofeo 2022 Hyundai Ioniq 5 Dispatch from the 2022 Ford F-150 Lightning first drive in Texas Mailbag: A discussion about complicated infotainment systems Also, trading a Model 3 for an Escape PHEV? Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives.

Tanner Foust gets eponymous hotted-up Ford Focus ST from Cobb Tuning

Racer and Top Gear USA host Tanner Foust has partnered up with Cobb Tuning to create a special-edition Ford Focus ST. The limited-edition hatches will come packing a reflashed ECU, special intercooler, tweaked intake and freer-flowing exhaust for up to 20 percent more power than the stock creation. Cobb says that the changes should push the final dyno figure to above 300 horsepower. Buyers can also expect to find special carbon fiber aerodynamic bits on board along with a new grille, graphics and wheels. Cobb hasn't released pricing on this Tanner Foust Edition Ford Focus ST as of yet, but you can bet the whole kit won't be cheap.
Fortunately, the company will sell you bits and pieces from the overall package for your Ford, and word has it engineers are also whipping up a Foust Fiesta ST. Look for Cobb's Focus ST website to go live next month, complete with accurate specs and pricing. Until then, enjoy clicking through the gallery here. You can also check out the full press release below.