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Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Ex-GM VP LaNeve takes over Lincoln ad agency

Those of you that caught yesterday's op-ed about Lincoln will have heard already, but Mark LaNeve has taken the helm at Team Detroit. Once the North American vice president of sales, service and marketing for General Motors, LaNeve will now head up the agency that handles all of Ford advertising. LaNeve will also run the account for Lincoln. While at GM from 2001 to 2009, the exec oversaw ad campaigns like Cadillac's Breakthrough and sales initiatives like "Employee Pricing for Everyone."
He left in 2009 to join Allstate as chief marketing officer, oversaw the creation of the Mayhem ad spots and was moved into the role of VP of agency operations overseeing Allstate's 10,000 agents. He resigned from the insurer in February 2012 for personal reasons and joined Team Detroit in August 2012 as chief operating officer, in charge of satellite offices in New York and internationally. He replaces ex-CEO Cameron McNaughton, and will continue to hold the title of COO.
Lincoln is trying to get its 2013 back to rights after putting big dollar commercials for the 2013 MKZ on television then having production glitches preventing cars from getting to dealerships. With rumors of a relaunch in the works, it's no surprise LaNeve has been given the reins - and from here it looks like the brand is desperate for the kind of magic he's proved he can marshal. Perhaps he can start by calling a mulligan on the renaming exercise that gave us the hoary "Lincoln Motor Company" and go back to oh, say, "Lincoln." Then he can ask the product folks to get to work on the MKC concept...

Did Neil Young just spill the beans on a 2016 Lincoln Continental? [w/video]

Neil Young may be better known as a singer-songwriter and rock n' roll icon than he is for his involvement with cars, but the Canadian-born musician is not without his automotive credentials. His latest book, after all, is titled "Special Deluxe: A Memoir of Life & Cars," and one of his most famous songs, "Long May You Run," was written about his old station wagon. But does that mean he's got an inside line on new cars coming out? In an appearance on CNBC's Mad Money with Matt Cramer this week, the Y in CSNY was plugging Pono, a portable music player and service he developed. During the segment, which you can watch in the video clip below, Young mentioned that his company was working on a new in-car audio integration with Harman, which as we know just signed a deal with Lincoln. Here's where it gets interesting: The Godfather of Grunge mentioned that Pono and Harman were preparing to put the system in the 2016 Lincoln Continental. The thing is, Lincoln hasn't made a Continental for a dozen years now. Does Neil know something we don't, or did he simply misspeak? He is, after all, working on an electric-converted '59 Continental he calls the LincVolt, so it wouldn't be hard to imagine he got mixed up. But maybe, just maybe, it was the first bit of leaked info that Ford's luxury division is planning on shifting away from its MK-based naming scheme and reviving at least one iconic nameplate. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.