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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.

Lincoln Zephyr makes a comeback, but only in China

The Lincoln Zephyr name is back. The name was previously used on some of the luxury brand's sedans before World War II, and for a single model year on a sedan derived from the first-generation Ford Fusion. Now it appears on the Zephyr Reflection concept, a car that will preview a production sedan for the Chinese market. Yes, the car you see above is only for China, and also happened to be designed by Lincoln's Chinese design branch. Apparently the country still has a strong demand for sedans, so Lincoln can keep offering them. It's a very stylish machine, looking a bit like a smaller first-generation Audi A7 from some angles. The wide, low grille and accompanying light bar give it an athletic stance. It has cool details such as the fender trim that blends into the front door handles. Although it's being shown at the same show as the Ford Evos crossover, the Zephyr is unrelated. And looking closely at the profile, we can see that the roof and glass bear an extremely strong resemblance to the outgoing Ford Fusion. We wonder if it's a majorly redesigned version of the old sedan. There's nothing in the interior that would remind you of the Fusion, or its cousin the MKZ (successor to that other Zephyr). The whole width of the dash bears a screen, which can be split for driver and passenger to do things.The rest of the interior is similarly simple, decorated mainly with some contrasting leather, and a Lincoln badge pattern in the doors. Lincoln didn't give any information about the powertrain. We imagine it will use some existing Ford turbocharged engines. The production model will launch later this year, so more details will probably come closer to the on-sale date. But remember, this Zephyr won't be crossing the Pacific. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ford's China sales keep falling, down 30% in third quarter

BEIJING — Ford's July-to-September vehicle sales in China fell 30%, as the U.S. automaker continued to lose ground in a prolonged sales decline in its second biggest market. The Dearborn, Michigan-based automaker delivered 131,060 vehicles in China in the third quarter, Ford said in a statement. Ford's sales in China fell 35.8% in the first quarter and by 21.7% in the second quarter. In the third quarter, sales of the automaker's mass-market Ford brand fell 37.7%, while its luxury division Lincoln saw sales drop by 24.1%. It delivered around 421,000 vehicles in the first nine months of the year, according to Reuters calculations. Ford has been struggling to revive sales in China after its business began slumping in late 2017. Sales sank 37 percent in 2018, after a 6 percent decline in 2017. The automaker plans to launch more than 30 new models in China over the next three years, of which more than a third will be electric vehicles. It also said it would localize management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners. Ford has launched a series of new models in the third quarter in China, including Focus, Edge, and the electric Territory. In China, Ford makes cars through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors. It has said it would partner with Zotye Automobile Co to sell lower-priced cars, but there seems to have been little progress. In a series of moves, Ford named a new president for its main local venture, Changan Ford, in August and said it would enhance its partnership with Changan through research, production and marketing cooperation in September. Ford is also planning to revamp some of its existing manufacturing facilities with Changan to localize production of its premium brand Lincoln. Changan Ford's sales down by around 33.5% in the third quarter, according to Reuters calculations based on Changan's filings. Ford rival General Motors' July-to-September vehicle sales in China fell 17.5%, to 689,531 vehicles. As GM and Ford China sales extend declines, U.S. car companies' market share of total China passenger vehicle sales fell to 9.5% in the first eight months of this year, from 10.7% in the year-ago period, according to the China Association of Automobile Manufacturers (CAAM). Over the same period, German carmakers' share has risen to 23.8% from 21.6%, and Japanese automakers' share rose to 21.7% from 18.3%.