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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.

Is this the 2017 Ford F-250 and its all-new aluminum body?

We don't have much to go on, but our friends at Jalopnik have uncovered a completely undoctored photo (used with permission) of what appears to be the 2017 Ford F-250 Super Duty. There's no indication of what's under the boxy new sheetmetal – our bet, like that of Jalopnik, is that the 6.2-liter gasoline-powered V8 will join the latest torque-monster of a 6.7-liter PowerStroke V8 – but we're still left with lots of time to work out the details. For now, we see the same kind of upright and in-your-face styling that we've come to expect from the Ford Super Duty, including more chrome than a '60s Cadillac up front and huge headlight clusters that cut deeply into the side bodywork. We also note plenty of glass making up the large greenhouse, which should be a boon for visibility. Of course, the big news is the actual metal that the body is stamped from. We're expecting to see lots of aluminum, with the heavy-duty pickup following the smaller, lighter-duty F-150 into the lightweight realm for increased fuel savings and greater pulling and hauling capabilities. Stay tuned for more. Related Video: News Source: JalopnikImage Credit: Jalopnik Ford Truck Future Vehicles Off-Road Vehicles ford f-250 autoblog black

Ford to announce Mulally retirement, Fields CEO as early as May 1

Ford CEO Alan Mulally may be about to announce his long-rumored retirement from the Blue Oval, according to a pair of insiders who spoke to Bloomberg. An official statement on the succession could arrive as soon as May 1. Chief Operating Officer Mark Fields is rumored to step up as the new CEO. The company is said to be readying the announcement soon to ensure an orderly transition of power, according to the insiders.
Mulally's retirement from Ford has been a hot topic for a while. He was seriously rumored last year to be leaving the automaker to take over as the CEO of Microsoft. The board even said at one point that it was okay with them if he stepped down early. However, the CEO maintained he would stay with the business through at least the end of 2014. Fields has been rumored as a frontrunner to take over the top spot at the company since he was promoted to COO.
For the moment, Ford isn't officially confirming any of these plans. "We don't comment on speculation. We do have succession plans in place for our key leadership. We take succession planning very seriously," said Susan Krusel, Ford Global News Manager, to Autoblog.