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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.

Jim Farley to lead Ford of Europe

"We are excited to see Jim and Stephen take on these new roles as they bring unique skills, experience and fresh perspectives to these critical positions." - Mark Fields
Ford marketing chief Jim Farley is taking over the company's troubled European operations as part of an executive shuffle confirmed on Friday morning.

Ford F-150 Raptor, Nissan Pathfinder and Frontier, and Cadillac Blackwings | Autoblog Podcast #663

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale and Associate Editor Byron Hurd. It's a packed show this week, and the three dive straight into the week's truck loads of news, starting with the unveiling of the Cadillac CT4-V and CT5-V Blackwing variants, followed by the 2021 Ford F-150 Raptor and the 2022 Nissan Pathfinder and Frontier. Next, they move on to what they've been driving. For Byron, that means more trucks. Lots and lots of trucks. Joel recently spent some time behind the wheel of a Bronco Sport, and the three discuss its merits as both an off- and on-road crossover. From this, they segue into a "Spend My Money" featuring Senior Producer Chris McGraw's neighbor, who acquired an older Forest Service Bronco and wants tips on what to do with it.  Autoblog Podcast #663 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News 2022 Cadillac CT5-V Blackwing, CT4-V Blackwing bring big performance back to the brand 2021 Ford F-150 Raptor revealed, packing EcoBoost power, coil suspension and factory 37s 2022 Nissan Frontier enters the modern midsize truck world with big redesign 2022 Nissan Pathfinder debuts with fresh new duds, no more CVT What we're driving: 2021 Ford F-150 2021 Nissan Titan Pro-4X 2021 Toyota Tundra TRD Pro 2021 Ford Bronco Sport Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes 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: