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Ford announces fix for 2021 Expedition and Lincoln Navigator fires

In the middle of May, Ford announced a recall of around 39,000 Ford Expeditions and Lincoln Navigators from the 2021 model year due to fires starting under the hoods of the SUVs. At the time, Ford had received 16 incident reports, 14 of them happening with rental vehicles. The automaker cautioned owners to park their vehicles outside and away from structures while engineers figured out what was happening and how to fix the problem. Since that May announcement, five more fires have been reported, four of them rental vehicles, and there's been one burn injury. The company announced it understands the problem and has a fix, at the same time widening the scope of potentially affected vehicles. Instead of recalling 39,013 units built between December 1, 2020, and April 30, 2021, the recall now includes 66,221 vehicles assembled from July 27, 2020, to Aug. 31, 2021. The suspected culprit is a circuit board provided by a supplier that changed manufacturing location during the pandemic. Ford's press release on the matter stated that "circuit boards produced at this facility are uniquely susceptible to a high-current short." The affected vehicles are fitted with either an 800-watt or 700-watt cooling fan system. About a third of the recalled population are fitted with the former, and should get a quick fix at the dealer. On these SUVs, techs will inspect the battery junction box. If they find evidence of melting, they'll replace the whole box. If not, they'll simply remove the engine fan ground wire that runs to the battery junction box; since this ground relay is redundant, the change doesn't alter operation of the fans.  Owners with the 700-watt system might need to wait until September for a fix. These vehicles need an auxiliary relay box with a wire jumper, but the parts aren't available now.   Ford's notifying all owners via the FordPass app, and will follow up with owners of the 700-watt cooling system once the parts are in stock. Until their vehicles are fixed, Ford says the SUVs are safe to drive but that they should still be parked outside and away from structures. The somewhat mixed messaging — 'Yes, your cars are safe to drive, but they could catch fire so don't park them near anything flammable' — encouraged a group of owners to file suit against Ford. Owners with questions can contact Ford customer service at 866-436-7332 and reference recall No. 22S36.

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.

Ford posts decade-best $2.1B profit in Q1 2013

As predicted, Ford has reported that its first quarter of 2013 was a resounding success overall, with a pretax profit of $2.1 billion ($0.41 per share), and a net income of $1.6 billion ($0.40 per share). In fact, Ford made a pretax profit of some $2.4 billion in its home North American market, with that total number being pulled down by losses in South America and Europe. That gaudy North American profit is the strongest result by the automaker since 2000.
Ford's companywide profit for Q1 was down $147 million from one year ago, while the net income number marked an increase of $215 million year over year. Overall, this is Ford's 15th-consecutive profitable quarter.
The bad news from the European market was even worst in Q1 2013 than it was last year. Pretax losses of $462 million - on revenue of $6.7 billion - represented a year-over-year change of -$313 million. In South American, the company reported a loss of $218 million, down from a slim profit of $54 million in Q1 2012. The news was better for Ford Asia Pacific Africa, where a $6 million pretax profit in 2013 showed a year-over-year gain of some $101 million when compared to losses in 2012. Scroll down to read Ford's full press release.