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Ford reports $3B profit in Q4, $6.9B for the year

Good news out of Dearborn today, as Ford announced $3 billion in profit for the last quarter of 2013, a 90-percent increase over the same period of 2012. Net income for all of last year, meanwhile, jumped to $7.2 billion from $5.7 billion in 2012, while pre-tax profits sat at a decade-topping $6.9 billion for all of 2013.
The results of the substantial profit increases are bigger profit-sharing checks for UAW employees. How big? A record $8,800 on average for 47,000 UAW workers, making 2013 the biggest year for profit sharing in Ford history. In total, $414 million will be paid as part of the profit-sharing scheme.
Now, it should be pointed out that a fair portion of Ford's Q4 profits were due to tax benefits, totaling $2.1 billion, according to Automotive News. Total profits would have also been higher, had there not been a significant recall on the Escape, as well as plant issues in South America.

Driving Civic and Elantra Hybrids, and big Ford Maverick updates | Autoblog Podcast #842

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. They discuss the week in car news first, leading off with the updated 2025 Ford Maverick that adds a Lobo sport truck variant and an AWD hybrid. Next, they chat some Cadillac news with the reveal of the stunning Sollei convertible concept and the refreshed 2025 Escalade. After the news, the two focus on what they've been driving over the past couple of weeks. They start with the Fiat 500e, then move along to a comparison between the refreshed Hyundai Elantra Hybrid and totally-new Honda Civic Hybrid. Lastly, there's a discussion of the new Infiniti QX80 and the STI mods applied to our long-term Subaru WRX. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #842 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News 2025 Ford Maverick Lobo 2025 Ford Maverick adds AWD hybrid version Cadillac Sollei revealed 2025 Cadillac Escalade refresh What we're driving 2024 Fiat 500e 2025 Honda Civic Hybrid 2024 Hyundai Elantra Hybrid 2025 Infiniti QX80 Long-Term 2023 Subaru WRX Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video:  Cadillac Sollei is an electric convertible concept This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Child cobalt miners: Automakers pledge ethical minerals sourcing for EVs

BERLIN - Leading carmakers including Volkswagen and Toyota pledged on Wednesday to uphold ethical and socially responsible standards in their purchases of minerals for an expected boom in electric vehicle production. Demand for minerals such as cobalt, graphite and lithium is forecast to soar in the coming years as governments crack down on vehicle pollution and carmakers step up their investments in electric models. To cover its plans for more than 80 new models by 2025, Volkswagen alone is looking for partners in China, Europe and North America to provide battery cells and related technology worth more than 50 billion euros ($59 billion). Talks with major cobalt producers, including Glencore, at VW's Wolfsburg headquarters last week ended without a deal. More than half of the world's cobalt comes from the Democratic Republic of Congo, a country racked by political instability and legal opacity, and where child labor is used in mines. On Wednesday, a group of 10 leading passenger-car and truck manufacturers announced an initiative to jointly identify and address ethical, environmental, human and labor rights issues in raw materials sourcing. The partnership dubbed "Drive Sustainability" consists of VW, Toyota Motor Europe, Ford, Daimler, BMW, Honda, Jaguar Land Rover, Volvo Cars and truckmakers Scania and Volvo. The alliance "will assess the risks posed by the top raw materials (such as mica, cobalt, rubber and leather) in the automotive sector," said Stefan Crets of the CSR Europe business network. "This will allow Drive Sustainability to identify the most impactful activities to pursue" to address issues within the supply chain.Reporting by Andreas Cremer.Related Video: Image Credit: Michael Robinson Chavez/The Washington Post via Getty Images Green BMW Ford Honda Jaguar Land Rover Mercedes-Benz Automakers Toyota Volkswagen Volvo Green Automakers Green Culture Electric Scania ethics mining