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Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

Jay Leno hits the road in a 1951 Jaguar XK 120 Hot Rod

The 1951 Jaguar XK120 featured in this episode of Jay Leno's Garage might look vaguely like a classic Jag roadster at first, but underneath this cat is something completely different. It was built by Leno's buddy Jason Len of XK's Unlimited when he grew tired of keeping these convertibles stock, and this aluminum-bodied beast was the result. Practically the only major Jaguar part left is the engine. It's a tuned 3.8-liter inline six from an E-Type with Weber carbs that makes an estimated 300 horsepower out of some gorgeous side-exit exhausts. The mill is backed up to a BorgWarner five-speed manual. However, the big surprise is the chassis. In place of Jag's original solution, Len has a custom tubular space frame that he claims sheds some 1,000 pounds over the stock example. There are still some classic Jaguar touches left, though, such as the fin over the driver's head that is reminiscent of the D-Type, and both the wheels and gauges are replicas based on that classic racer. Of course the best part is watching Jay drive this Jag hot rod. This big cat really knows how to purr.

2018 Jaguar E-Pace Video Review | Jag's smallest SUV is a high-priced hit

The following is the transcript from our above 2018 Jaguar E-Pace video review. To read more about this compact luxury SUV, read our E-Pace first drive review. There's nothing like some Sunday morning driving. And today I am driving the 2018 Jaguar E-Pace, which is Jaguar's latest gasoline-fueled crossover offering, not to be confused with the I-Pace, which is their electric vehicle. This particular model is powered by a 246-horsepower turbocharged, 2.0-liter, four-cylinder engine that makes 269 pound-feet of torque. It's mated to a nine-speed ZF automatic transmission, and my biggest gripe about the engine is that it can be a bit laggy, especially driving around in the mountains, particularly in Comfort mode. I would also appreciate paddle shifters on all of the models, not just the R-Dynamic, the lack of which on a $54,000, so-called sporty crossover is pretty disappointing. My disappointment doesn't linger very long, however, as the nicely weighted steering in this cub makes driving on these mountain roads pretty enjoyable. All-wheel drive does come standard on all varieties, and each feature four drive modes: Comfort, Dynamic, Eco, and then Rain/Ice/Snow. Let's talk about looks. Jaguar chief designer Ian Callum knows how to design an SUV. The F-Pace is my favorite looking vehicle in the segment and the style translates nicely to the smaller E-Pace. While it's not as good looking as its big brother, in my opinion, it definitely takes the crown over the Range Rover Evoque and the Discovery Sport, both of which share its platform. In fact, the E-Pace would rather easily be the best-looking vehicle in its class, if not for the newly-released Volvo XC40. This Cesium Blue paint is one of my favorite colors on the market, well worth the $590 price tag, in my opinion. I'm not a huge fan of chrome in general, and while this car is no exception, you can opt for the Blackout Pack, which replaces all the chrome on the car with gloss black paint. My biggest gripes with the F-Pace? Interior, infotainment and price. Those issues remain in its smaller sibling. When it comes to interiors, the Germans and the Swedes do a much better job, and when it comes to price, there are much better interiors out there. Most of the materials inside that you touch do feel pretty nice, but there are still a few cheap-feeling plastics around the cabin. And until there's a significant update to the infotainment system, JLR is always going to be behind the competition.