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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

Ford recalling 370,000 Crown Vic, Grand Marquis and Town Car models

The Detroit News is reporting that Ford will recall some 370,000 Crown Victoria (pictured), Mercury Grand Marquis and Lincoln Town Car vehicles from model years 2005 through 2011, for an issue regarding the lower intermediate steering shaft. 355,000 of the vehicles in question were sold in the US, with the other 15,000 sold in Canada.
The report indicates that corrosion of the lower intermediate steering shaft could cause a "loss of steering," presumably because of a partial or complete failure of the part. The report points out the dealers will inspect and replace the offending steering component for recalled cars, and may also secure a lower steering column bearing and replace the upper intermediate steering shaft as needed. The company is unaware of any reports of the faulty part causing any accidents or injuries.
Ford helpfully lists states in which corrosion is more likely to have taken place, mostly in the Snow Belt, as you might guess. Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, Wisconsin, West Virginia, and the District of Columbia are listed.

Lincoln MKC Concept shows real promise [w/video]

Ford's efforts to resuscitate its moribund Lincoln luxury brand began in earnest with the introduction of its 2014 MKZ sedan, a model many labeled as the marque's make-or-break offering. Of course, one model does not a comeback make, and with the MKZ just now starting to trickle into dealers, it will be some time before America's jury of consumers comes in with their judgment. More to the point, it's likely to take better than a decade's worth of products and sustained marketing effort to even begin to figure out whether Lincoln has a shot at redemption or if it will die of Mercury poisoning. After all, rival General Motors has been pouring resources into Cadillac since the late '90s, and if the sales charts are any guidance, it's still probably too early to declare its rebirth a success.
Certainly, a brand with Ford's resources, free of distractions (read: the now-defunct Premier Auto Group and various other side projects) should be able to successfully market a single luxury brand, particularly one with such a rich - if distant - history. Especially now with the Blue Oval enjoying more consumer goodwill than at any time in recent history. So let's all give Alan Mulally and friends a little room to work, eh?
We can start by focusing on the compact crossover seen before you, the Lincoln MKC Concept. Riding atop the same global C-platform that underpins the Ford C-Max, Escape and Focus, the MKC showcar here presages a production small CUV that will stick its distinctive nose into one of the auto industry's fastest-growing segments.