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Ford posts record pre-tax Q3 profit of $2.6B

Ford took in $2.6 billion in pre-tax profits in the third quarter of the year, making for a record trio of months that saw the Blue Oval's year-over-year earnings increase by $426 million. The earnings are being attributed not just to improvements in North American sales, but sales around the globe.
Revenue was up 12 percent, to $36 billion, although net income took a hit, dropping $359 million to $1.3 billion. Ford was dinged with $498 million in pre-tax charges, which are being blamed for the drop in net income.
The news has boosted Ford's hopes for full-year results, bumping it's total profits up past $8 billion, according to Automotive News. The Dearborn, MI-based manufacturer is still expecting a loss in Europe, although it's forecasted less than the $1.73 billion it burned in 2012. In fact, according to CFO Bob Shanks, Ford's European losses dropped by 51 percent year-over year, a huge improvement for the brand.

Ford pulls official support from top-level NHRA teams

As the smallest team in the sport, it wasn't really a surprise when Dodge decided to pull out of NASCAR, but Autoweek is reporting that Ford is looking to pull the plug on its professional-level NHRA sponsorships following the 2014 season. With attendance and television ratings down, the article reports that Ford is just backing out of the top series but will remain active in the Sportsman classes of racing, which are geared more toward the grassroots and semi-professional racers.
This means that one of drag racing's biggest names, John Force, will be left looking for new sponsorship after next season. Force, 64, has been with Ford for 17 years, winning 15 championships in that time and winning almost half of all Funny Car events in his Mustang since he started working with Ford in 1997, but after 2014, there could be some big shakeups at John Force Racing.
According to the report, Force would consider is moving over to the Top Fuel dragster series, although he could also move to another manufacturer to remain in the Funny Car series. With Ford on the way out, this leaves just Toyota and Dodge as the remaining active automakers in the highest levels of drag racing.

European car sales up 8% in February

Three weeks ago an analyst increased projections for European car sales this year, expecting them to climb three percent compared to last year instead of 2.7 percent. That number is a postive sign after years of hard times but it turns out February was especially good, overall European sales climbing eight percent on a wave of southern European recovery and discounts - and this comes after five months of gains including January's 7.2-percent jump over the year before.
The only country of Europe's five largest markets to post a decline was France, just as it did in January, Germany, the UK and Italy posting solid double-digit numbers, Spain rocking the charts with an 18-percent increase because of a government program to encourage trade-ins.
The only brand to miss the wave was Volkswagen, dropping 0.8 percent as it watched the double-digit growth at sister brands Audi, Seat and Skoda lift the Volkswagen Group sales up by seven-percent. Peugeot overcame flat sales at Citroën to improve the group by 3.5 percent, BMW and the Mercedes-Benz/Smart combo rose by four percent, the Fiat group jumped 5.8 percent, Ford was up 11 percent, the Renault Group 11.5 percent, General Motors 12 percent and the Toyota clan by 14 percent.