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Ford surges with record 2Q profit

We already knew that the second quarter of 2015 has been good to General Motors. For Ford, though, it's been even better. The Blue Oval saw a net income of $1.9 billion, $800 million more than its larger cross-town rival. Pre-tax profits were even more impressive, at $2.9B. Those figures aren't only more impressive than what GM could conjure up, they improved handily over the same period in 2014. Net profits were up by $574 million, or a staggering 44 percent, while pre-tax profits saw a 10-percent bump over 2014. Ford Credit also had a strong quarter, raking in just over half a billion dollars before taxes. So yeah, Ford calling Q2 "outstanding" in its press release is no exaggeration. The vast majority of Ford's positive Q2 can be attributed to the North American market, which made up $2.6 billion of the company's pre-tax profits. South America, the Middle East, and Europe were all down, although Asia delivered some relief, making $192 million before taxes. Scroll down for the official press brief from Ford. JUL 28, 2015 | DEARBORN, MICH. FORD REPORTS STRONG SECOND QUARTER RESULTS; PRE-TAX PROFIT $2.9 BILLION; NET INCOME $1.9 BILLION DEARBORN, Mich., July 28, 2015 – Ford Motor Company [NYSE: Ford] today reported its 2015 second quarter financial results. View the press release here and visit shareholder.ford.com to view the slide presentation and access the webcast to Ford's second quarter earnings call, which begins at 9 a.m. EDT with Mark Fields, president and chief executive officer, and Bob Shanks, executive vice president and chief financial officer. Highlights Include: Outstanding second quarter; company on track for a breakthrough year Pre-tax profit of $2.9B, up $269M or 10 percent from a year ago excluding last year's special item charges Net income of $1.9B, up $574M or 44 percent from a year ago After-tax earnings per share of 47 cents, up 7 cents from a year ago excluding last year's special item charges Best Automotive quarterly profit since 2000 Wholesale volume up 2 percent, driven by North America and Europe Automotive revenue about equal, with higher net pricing and volume offset by unfavorable translation effects of the strong U.S.

Enterprise working with renter's insurance to cover $47k Mustang stolen from its lot

There was more than a bit of public indigence following the recent story of Enterprise Rent-A-Car billing a customer $47,000 to replace a Ford Mustang GT Convertible stolen from a Nova Scotia lot. To recap: Kristen Cockerill rented the Mustang for two days, returned it to the lot on a Sunday and left the keys in a secure dropbox only for Enterprise employees to find the car gone the next day.
Despite Enterprise policies stating that customers are responsible for vehicles dropped on off-days, the company has admitted that the situation could've been handled a bit better.
In a recent statement, Enterprise has backed off the big-bill story, and claims to be working with Cockerill and her insurance company to resolve the issue. Further, the Enterprise general manager overseeing Nova Scotia has spoken with the harried renter, and apologized "for the way this claim was handled during the last few months."

Weekly Recap: GM posts solid profits, not looking for partners

General Motors is not looking for partners. It's big enough already. So says CEO Mary Barra, who shot down overtures from outspoken Fiat-Chrysler chief Sergio Marchionne this week. Barra said GM will look to find scale within its operations, rather than through outside partners. "We think there's tremendous opportunity for us within the business as we look at efficiency measures, as we look at truly achieving the scale that we should have, because we're already in that top tier of the auto industry among the largest OEMs," she said. Barra added: "We have a very well-articulated plan. We're in the middle of executing that, and we're not going to entertain anything that might distract us from accomplishing that." Her remarks came in the wake of Marchionne's provocative comments in March. He expects a wave of industry consolidation and said he's open to teaming with Ford or GM, calling it "technically feasible." Because of its smaller size, FCA would likely stand to gain more from a partnership than GM or Ford. The Blue Oval isn't interested in teaming with Fiat-Chrysler, either. "We have no other plan or interest then to continue to accelerate our One Ford plan, deliver product excellence and drive innovation in every part of our business," a spokesperson said. GM, the largest US automaker, announced a $945-million first-quarter profit on Thursday and posted its best earnings performance in North America since 2009. Earlier in the week, GM confirmed it had sold 2.4 million vehicles around the world in the quarter, ranking behind Toyota (2.52 million) and Volkswagen (2.49 million). Other News & Notes SUVs, EVs shine at Shanghai Motor Show SUVs and electric vehicles grabbed the spotlight at the Shanghai Motor Show this week as companies vied for attention in the world's largest car market. Notably, Honda's Concept D previewed the company's future flagship SUV that's being developed for China, Mercedes rolled out a BMW X4-fighting GLC Coupe concept and Chinese company Qoros debuted its 2 plug-in SUV concept. Nissan, Volvo and several others also showcased utility vehicles in Shanghai. Automakers are rushing to take advantage of the crossover craze in China. The market for locally-produced SUVs grew 50 percent in the first quarter, according to IHS Automotive research, which called the show a "launch pad" for new utility vehicles. Even though SUVs are popular, IHS predicts their growth rate will slow, and sedans account for more sales volume in China.