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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

2018 Lincoln Navigator ad has more weird Matthew McConaughey

Now that new 2018 Lincoln Navigators are on their way to dealers, it's once again time for Matthew McConaughey to be weird behind the wheel in a new commercial. Things start out normally enough with the actor sitting in the SUV at a railroad crossing. But don't worry, it gets strange soon enough because for the rest of the commercial, McConaughey just drums on the Lincoln's steering wheel, a bit like in that disconcerting lunch scene in The Wolf of Wall Street. And the whole time, the actor doesn't say a word. He just drums along to the train and the crossing bells. Then he drives away. And that's it. It's just McConaughey drumming. The ad actually doesn't even show much of the Navigator, and obviously there isn't a word said about it. The most you might be able to learn about the Navigator from this commercial is that it's an SUV, it has an interior that has chrome and leather, and it has those "piano key" buttons for the shifter. We get that the first McConaughey commercials went viral and were frequently parodied for how bizarre they were, and the last Continental ad was also pretty off-the-wall. That was all good for getting attention from younger buyers, but we wonder if these ads are losing their punch and effectiveness. And if they have, then this ad doesn't do anything else to give buyers a sense of what the Navigator is. That's a shame, because the newest Navigator has a lot going for it. Instead, we get McConaughey drumming. Enjoy. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Celebrities Marketing/Advertising Lincoln SUV Luxury Videos lincoln navigator

Jim Hackett says metal tariffs costing Ford $1 billion in profits

Ford CEO Jim Hackett divulged in an interview with Bloomberg that the Trump administration's tariffs on metals imported from the European Union, Canada and Mexico have affected the automaker's balance sheet, adding that trade disputes need a quick resolution. "From Ford's perspective, the metals tariffs took about $1 billion in profit from us," Hackett told the outlet. "The irony is we source most of that in the U.S. today anyways. We're in a good place right now, but if it goes on longer there will be more damage." Hackett did not specify what period the $1 billion covered, but a Ford spokesman said the CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. President Trump in March announced his intention to enact 25 percent tariffs on steel imports and 10 percent on imported aluminum from the three trade zones as a way to protect the U.S. steel industry. The move sent U.S. automakers' stock prices plunging at a time when they were coming off weak monthly sales reports. Separately, President Trump has targeted China with two rounds of tariffs targeting a combined $260 billion worth of imports. China has responded by enacting 25-percent tariffs on U.S. goods including vehicle imports. In the interview, Hackett said that has hurt demand for Lincoln, which has found a growing market for its luxury vehicles in China, and made the price of the Lincoln MKC less attractive to Chinese buyers. The MKC is built at the company's Louisville, Ky. assembly plant. "We've had to move people in that factory to other operations because of that trade problem," he said. It's not clear what those moves entail or how many workers were involved. Autoblog sought comment from a Ford spokeswoman and will update this story if we hear back. Ford last month announced it was scrapping plans to import the Focus Active small crossover to the U.S. from China because of the new 25-percent tariffs on Chinese imports. Material from Reuters was used in this report Related Video: