1993 Lincoln Mark Series on 2040-cars

Auto blog

Quitting Mexico factory helps bring down Ford earnings $200 million in 2016

Ford released its 2016 earnings report this morning, and despite a fourth quarter net loss it proved to be the automaker's second most successful year ever, following record breaking numbers in 2015. Losses for the year come from a number of sources, including accounting changes and a $200 million hit for backing out of the small-car factory in San Luis Potosi, Mexico. Despite the loss, come March 9 about 56,000 UAW-represented employees will receive a $9,000 profit-sharing check. That, like most of Ford's other 2016 metrics, is slightly down from the year before, but it's still the second best profit-sharing payment ever. Total net income was $4.6 billion, down $2.8 billion from 2015. Total revenue for 2016 was $151.8 billion, up $2.2 billion. Ford's earnings report lists a global market share of 7.6 percent, down a tenth from 2015. Ford's European and Asia-Pacific markets posted their best and second best pre-tax profits respectively. The South American, Middle East, and African markets all took hits because of unstable economies and other external factors. Ford expects to have another down year in 2017 as it invests in new and emerging markets and focuses more on its mobility projects.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Ford via Automotive NewsImage Credit: Getty Earnings/Financials Plants/Manufacturing UAW/Unions Ford Lincoln Mexico ford earnings

Ford names Lincoln chief as North American president following Nair's departure

Ford announced yesterday that its North American president Raj Nair would no longer be working for the company due to "inappropriate behavior." As a result, the company needed fill that gaping vacancy. The new North American president and Ford Group vice president will be Kumar Galhotra, and his term in the new role will start on March 1. Galhotra will remain the group vice president and chief marketing officer for Lincoln through March, meaning he's the head of the luxury brand. He's had this position since 2014. Before that, he was vice president of engineering for all of Ford. With Galhotra's promotion, a number of internal promotions follow. Joy Falotico, current chairman, CEO and group vice president of Ford's credit division will fill Galhotra's position, and Dave McClelland, vice president of marketing for Ford Asia Pacific, will fill her role. Other shuffling at Ford includes Stewart Rawley's promotion to vice president for Ford North America and chief operating officer. He is the current vice president for strategy at Ford. Ford China's chairman and CEO John Lawler will take Rawley's old role, and Cathy O'Callaghan will take over Lawler's job at Ford China, but not until June 1. O'Callaghan is currently vice president, corporate controller and chief financial officer for global markets at Ford. Related Video:

Lincoln's $5B revival bid hinges upon new D6 chassis

It's no secret that Lincoln has received short shrift from the Ford Motor Company for years, and former CEO Alan Mullay even wanted to kill the whole thing off when he ran things. Today, things appear to be trending in a different direction. Fresh investment has helped enable a sizable marketing push for its well-regarded MKC compact crossover, a couple of awards for the company and plant the seeds for a major expansion into China. While the situation is still in the early going, it looks like Lincoln is on a tentative (if long) path towards a turnaround. If new reports are accurate, the brand is poised to build on that momentum with its largest investment in new products in years thanks in large measure to a new modular platform codenamed D6.
According to four unnamed insiders speaking to Reuters, FoMoCo is investing over $5 billion over the next five years, partially to create a new modular platform to underpin multiple Lincoln vehicles - and possibly some Ford products, too. Development is reportedly being overseen by the division's new boss, Kumar Galhotra. At the moment, specific details about the D6 chassis aren't yet known, but it's rumored to have the flexibility to support front-, rear- and all-wheel drive vehicles. According to Reuters, the first model using the framework could be an MKZ replacement and seven-passenger MKT successor in 2019.
Until the D6-based models hit, expect to see continued expansion from Lincoln. Ford management isn't trying to turn around the division overnight and is planning "in terms of generations of products," according to current CEO Mark Fields. The strategy unsurprisingly includes a production version of Lincoln's recent MKX Concept, as well as an all-new Navigator using aluminum-intensive architecture. Reuters also claims the MKS is due for renewal in the meantime, including with a longer-wheelbase version to appeal to the brand's new Chinese buyers.