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Ford Q1 profits dragged down by warranty costs

General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Financially, Ford suffered a rough quarter almost across the board. Its pre-tax profit of $1.4 billion was also down $765 million from a year ago. Things were even worse in the North American market where operating profit fell significantly to $1.5 billion, down from $2.392 billion in Q1 2013. However, its global revenue ticked up slightly to $35.9 billion, from $35.6 billion in this period in 2013.
Ford admitted that it spent about $900 million on expenses that it hadn't planned for during this quarter. According to Reuters, the company paid about $400 million in additional warranty and recall costs in North America. The automaker didn't explain why the costs were so much higher than expected. However, in the last three months, Ford has had several recalls, including on the 2001-2004 Escape for rust, Explorer for its steering, Edge for its fuel line and others.

Europe's most-wanted classic car is... the Ford Mustang?

Over the span of its 49 years and five generations, the Ford Mustang has held a special place in the hearts of automotive enthusiasts in the US, but, as it turns out, this car is also very popular amongst European car lovers. Earlier this summer, AutoScout24 - a new and used car shopping site in Europe - polled around 75,000 European "car lovers" (not sure how they vetted the respondents) to see which cars were the most popular, and the Mustang came out on top over iconic European classics like the BMW M1 and Volkswagen Beetle.
In the whole of Europe, 37 percent of those polled dream of owning a Mustang, but that number jumps in individual countries like Austria (42 percent) and Spain (41 percent). Rounding out the top five popular classics in Europe are the Mini and Citroën 2CV. Find out which cars made up the rest of the top 10 in the press release posted below.

Ford recalls 434k vehicles for several unrelated issues

It seems that the hard winter in much of the country has been as rough on some Fords as it has on many people. The Blue Oval is recalling roughly 434,000 vehicles in two separate recalls, and one of them partially caused by the salt used to melt the snow on roads.
The first recall covers 385,750 2001-2004 Escape models in the Midwest, Northeast and Canada because a subframe could rust and eventually fail. This is partially due to the road salt used in those areas, and about 349,000 of the affected vehicles are in the US. To remedy the problem, dealers are installing a reinforcement cross brace on the frame to strengthen them. There has been one crash caused by the failure but no injuries. According to The Detroit News, this is not the first rust-related recall for Ford. It estimates the company has repaired over two million vehicles since 2010 for problems on vehicles related to the iron oxide, including the rear wheel wells of the Freestar minivan.
The second recall covers 48,950 2013-2014 Ford Fusion, Escape, C-MAX and Lincoln MKZ models because welds in their seatbacks don't meet National Highway Traffic Safety Administration standards. The fault affects the front seats, and the sub-standard welds joining the setback to the recliner could increase the chance on injury. There have been no reported injuries or accidents caused by the problem, but there are 42,972 affected vehicles in the US and 4,744 in Canada.