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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

How the Lincoln Continental Concept almost wasn't

That Lincoln Continental Concept that everyone is so excited about? It almost didn't happen. Speaking at the private reveal event for the concept yesterday, Ford Motor Company CEO Mark Fields revealed that when the design team started working on the vehicle that eventually became the Continental, the designers thought it was just another full-size luxury concept, and were turning in ideas to match. The problem, Fields said, is that this was an important vehicle to get right. "A full-size luxury sedan for a luxury brand is a very important marker that, I think, sets the beat for the brand and it creates a lot of awareness and favorability if you do it right," he said. "As we were designing this concept ... we reviewed with the designers the themes. The first couple of themes the team came with really didn't do it for us because we want to make sure that every vehicle that we bring out with Lincoln moves the brand forwards in a big way. So we went through the first couple of them and we really didn't get that kind of 'oomph' in the pit of our stomach." The team was stuck with an upcoming debut and nothing exciting to show for it, until the past was brought into the present. "In one of the design reviews, we were looking around at everyone and we mentioned, you know what, why don't we call this the Continental Concept? And I have to tell you, the body language was unbelievable in the design showroom. Everybody's head snapped up and you could see everybody's eyes widen and they started nodding and they said, 'now we get it.'" Aside from the Navigator, every vehicle Lincoln currently sells is simply named a trio of letters that start with M and K. Fields knew that the large luxury segment sedan is important for a company like Lincoln, with about 1.8 million units sold last year and an expected growth to around 2 million units by the end of the decade, he said. "When you think about where that growth is coming from, it's still a substantial segment here in the US, it's a very substantial segment and even more substantial segment in China. As a matter of fact, that segment grew by 17 percent last year and China is the largest market for full-size luxury sedans." Given the positive reaction to the Continental Concept thus far, bringing the name back from the dead might be just the thing Lincoln needed.

Weekly Recap: Lincoln Continental serves up the style, Cadillac CT6 delivers the substance in New York

Lincoln and Cadillac grabbed the spotlight this week at the New York Auto Show in a dramatic fashion that evoked the brands' glory days. America's two luxury carmakers went toe-to-toe with their glittering reveals and plans for ambitious expansion. Both were selling their technology, style and the promise of a better future. Cadillac vs. Lincoln. At the Javits Center, 2015 seemed a lot like 1956. Neither company was interested in drawing comparisons with the other, which is fair, and accurate. They're in vastly different places in terms of sales and the pace of their turnarounds, but they hope to reach the same eventual destination at the pinnacle of the luxury-car world. Lincoln used the element of surprise to great effect with the Continental concept. A production version is still at least a year away, and the company was vague on details. Officially, we don't even know if it is front- or rear-wheel drive, though speculation abounds. Who cares? The seats can be adjusted 30 ways! The Continental also showed off a bold chrome grille that will be the new face of Lincoln. The blue bomber also rolled on blinged-out 21-inch polished aluminum wheels, used a 3.0-liter EcoBoost engine and had huge LED head lights with "laser-assisted" high beams. All of this resulted in almost blinding attention. The concept drew rave reviews, stirred controversy with Bentley designers who argued Lincoln ripped them off, and most importantly, pointed a way forward for the newly determined brand that hopes to compete with Mercedes, BMW, Audi, Cadillac and Lexus. View 32 Photos Meanwhile, Cadillac showed the CT6, a finished product that will top its range and is loaded with the best and latest technologies General Motors has at its disposal. With production starting late this year, Cadillac had more specifics at the ready. Engines? Cadillac has a couple V6s and a turbo four for sure. It's working on a hybrid, and has considered a V-Series variant. It's based on a new rear-wheel-drive, aluminum-intensive chassis called Omega, features an advanced collision-mitigation system with automatic braking and has a cabin that's laden with "leathers, exotic woods and carbon fiber." It will be assembled at GM's Detroit-Hamtramck factory and goes on sale next year. At this point, Cadillac is more than willing to talk about every except for the price. The devil was not in the details for Cadillac, as evidenced by the CT6. But it wasn't for Lincoln either.