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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

2020 Lincoln Aviator Grand Touring plug-in hybrid range, fuel economy revealed

The range-topping 2020 Lincoln Aviator Grand Touring plug-in hybrid luxury crossover finally has official fuel economy ratings. The electric range is 21 miles, and when the battery is exhausted, gas-only combined fuel economy is 23 mpg. The EPA's combined electric and gas test loop yielded 56 mpg-e. These numbers make the Aviator Grand Touring the most frugal version of the three-row luxury crossover, with the next most efficient one being the rear-drive non-hybrid model at 21 mpg combined. When going by gas-only fuel economy, though, the Aviator Grand Touring's non-plug-in cousin, the Ford Explorer Hybrid, returns up to 28 mpg combined with rear-wheel drive, and 25 mpg with all-wheel drive. It has much less power at 318 horsepower and 322 pound-feet of torque, compared to the Aviator Grand Touring's 494 horsepower and 630 pound-feet of torque. The luxury plug-in hybrid crossover segment is quite small right now. The closest competitor to the Aviator Grand Touring is probably the Porsche Cayenne E-Hybrid. It has a shorter electric range of 13 miles, and its gas-only fuel economy is a slightly worse at 22 mpg. The Porsche is less powerful with 455 horsepower and 516 pound-feet of torque, and its base price of $82,450 exceeds the Lincoln's $69,895 price. The Mercedes-Benz GLC 350e splits the difference on efficiency with a worse 10-mile electric range, but a better gasoline fuel economy of 25 mpg combined. This could improve for 2020, as the updated model will have a larger battery. It's cheaper, too, at $51,645, but it's also a full size smaller than the Lincoln.

Lincoln plans pilot subscription service for pre-owned vehicles

Lincoln's foray into the world of monthly subscriptions will follow the mold of Ford's Canvas program and launch a pilot service offering a range of pre-owned 2017 Lincoln vehicles in West Los Angeles and the San Francisco area. Lincoln first announced plans for a subscription service on the sidelines of the L.A. Auto Show. The luxury automaker says its new service will allow customers to have a vehicle "as if it were their own," with a monthly payment that covers a prescribed mileage package and includes comprehensive insurance, warranty, maintenance and roadside assistance. It'll be based on Ford's nearly year-old Canvas program, also offered in the Bay Area and West Los Angeles. It offers pre-owned Ford vehicles on a monthly subscription basis, including insurance, maintenance and warranty coverage. Terms for that program are one to 12 months, with an ability to swap cars at any time. While Lincoln didn't announced pricing or a start date for its own subscription program, Canvas' existing service starts at $400 a month, not including tax and depending on vehicle and other options, for pre-owned Ford vehicles. Ford in February said its Canvas fleet has more than 600 customers who've logged more than 3 million miles in the two markets. Lincoln joins a growing list of automakers including Volvo, Cadillac and Porsche who are offering monthly subscription services as an alternative to traditional ownership or leasing. The subscription service will also come with Lincoln's Pickup & Delivery program, in which a valet picks up a customer's vehicle for service at any location and provides them with a loaner Lincoln before returning their vehicle. Lincoln also reiterated its plans to expand its Lincoln Personal Driver service first piloted in San Diego and Miami to Dallas, saying it will soon be integrated into the Lincoln Way mobile app. The service, previously called Lincoln Chauffeur, allows customers to call on a screened personal driver who can also assist with errands while the customers attend to other matters. The luxury brand is emphasizing "warm, human and effortless" services as a way to differentiate itself from its competitors. For more information on Vehicle Subscription Services, check out the Complete Guide. Related Video: