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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.

Jaguar trademarks EV-Type nameplate

Green may have been a popular color choice for the classic Jaguar E-Type, but even in Lightweight form (pictured above), it was hardly what you'd call environmentally friendly. Not by today's standards, anyway, with six-, eight- and twelve-cylinder engines displacing between 3.8 and 5.3 liters. But Jaguar looks to be preparing to revive the nameplate - or at least one similar - with a new electric vehicle in the works.
According to the latest intel, Jaguar has applied both in the US and in Europe to trademark the name EV-Type. The implication that it's developing an electric vehicle is clear, as is the reference to its iconic sports car of yore. But more than that, we don't know. We could be looking at an electric version of the current F-Type, a project to convert original E-Types to electric power or a different model altogether.
It wouldn't be the first time, of course, that we'd see Jaguar toying with the idea of electric propulsion. A couple of years ago, the British automaker demonstrated a plug-in hybrid XJ_e prototype, and showcased both the C-X16 and C-X75 concepts with advanced hybrid powertrains. But it has yet to put any such system into production, relying instead on the small diesels it sells in Europe to keep its carbon footprint small.

Dick Van Dyke escapes his flaming Jaguar on the 101

Actor Dick Van Dyke was caught in a dangerous situation on a Los Angeles highway (who are we kidding, every situation on an LA highway is dangerous), when his Jaguar XJ spontaneously caught fire. The 87-year-old actor/comedian pulled to the side and attempted to call emergency services when another motorist pulled him from the car. There seems to be some confusion as to whether Van Dyke was passed out or merely calling emergency services.
According to the photos and video from NBC and The Today Show, the car was thoroughly cooked in the blaze and is now a total loss. After the incident, Van Dyke's wife, Arlene, posted that the actor was "fine," sharing a Vine video of the star, the car, and a few CHP troopers that were on hand. Later in the day, Van Dyke tweeted a photo of his toasted sedan, saying, "Used Jag for sale REAL CHEAP!!"
You can view the Today show segment on the incident as well as Arlene Van Dyke's Vine video, below.