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

Coronavirus blues, and the 2021 Hyundai Elantra debuts | Autoblog Podcast #619

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and News Editor Joel Stocksdale. Get a behind-the-scenes look at life for Autobloggers during the coronavirus outbreak, as they talk about how it's not only affecting the automotive industry at large, but the people who cover it as well. Amidst the chaos, Hyundai unveiled the 2021 Elantra, and out editors opine about the new small sedan. They briefly discuss what cars they'd want to drive cross-country if they had a flight that had been canceled, before talking about the cars they've actually been driving, including the Mercedes-Benz GLS 580, Jeep Renegade and Lincoln Corsair. Finally, they reach into the mailbag and help a listener pick a new car. Autoblog Podcast #619 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown The coronavirus is affecting the auto industry, and those who obsessively cover it 2021 Hyundai Elantra has been revealed Poll: Your flight's canceled. What car do you drive cross-country? 2020 Chevy Corvette orders end Cars we're driving: 2020 Mercedes-Benz GLS 580 2020 Jeep Renegade 2020 Lincoln Corsair Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

BMW reclaims US luxury sales crown from Mercedes

The numbers, they are in: BMW has reclaimed the luxury-sales crown from Mercedes by a margin of 9,347 cars. Mercedes donned the king's headgear in 2013 after a strong final quarter of 2013 when the new CLA and S-Class poured out of dealerships. This year, led by the 3 Series/4 Series and X5, BMW sold 339,738 units – a 9.8-percent increase year-on-year. Mercedes, led by the C-Class and M-Class, saw its sales go up by 5.7 percent to 330,391 units. We'll have to wait a bit to see if there's another registrations-vs-sales challenge as in 2012, when BMW was anointed US luxury ruler. Behind them, a dark horse named Lexus nudged closer to the leading Teutons, selling 311,389 cars. The Japanese luxury automaker also had the biggest gain among the top three, its sales rising by 13.7 percent compared to 2013. Audi had the biggest sales of anyone among the top five, though, with a 15.2-percent gain to 182,011, which moved it a spot ahead of Cadillac; the Wreath-and-Crest brand dropped 6.5 percent to 170,750. Acura (167,843), Infiniti (117,300), and Lincoln (94,474) took the final positions. Speaking of Lincoln, sales at the once-mighty luxury marque stand as the mightiest jump of any on this list, up 15.6 percent. That's the power of Matthew McConaughey... and better cars and a new crossover, sure. So now that we're back to Round One of 2015, in case no one else has said it yet: "Ok, fight!"