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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

Leno recalls '90s showdown with Tim Allen and his mullet

Not many of us have buddies with garages full of classic cars, but that isn't the case for Jay Leno and Tim Allen. Of course, one of the advantages for two guys with such vast collections is occasionally getting to pit their cars against each other. The two comedians did just that in the mid-'90s with a burnout battle on The Tonight Show between Allen in a race-prepped Mustang and Leno in a drag racer. After some time away from regular television, Leno is returning to the airwaves with a Jay Leno's Garage series premiering on Oct. 7 (tonight) at 10:00 p.m. ET on CNBC. Let this clip serve as another taste of what to expect for the new TV show's mix of comedy and cars. After reminiscing about the old days in a gorgeous garage, the comedians get into two modern machines to reprise the classic challenge – after a little trash talk anyway. Don't worry because the YouTube series isn't going anywhere, though.

Recharge Wrap-up: Atieva making EV with former Tesla talent, Holland lowers PHEV incentives

A reduction of tax incentives on company cars in Holland is expected to put the brakes on plug-in hybrid sales. Cars are taxed at an average of 25 percent, with plug-in hybrids taxed at just seven or 14 percent, depending on emissions. Taxes on PHEV company cars will increase to 14 and 21 percent. With company car leases making up a third of vehicle sales in 2014, the uptake on PHEVs "will likely go back to regular volumes," according to Volvo's Christiaan Krouwel. It could be a boon for battery electric cars, as their tax rate will remain at four percent for company cars. Read more at Automotive News Europe. Ford is testing cylinder deactivation in its 1.0-liter EcoBoost engine. On-road prototype testing has shown improvements in fuel economy of as much as six percent. Ford engineers developed a system using a new dual mass flywheel, pendulum absorber, and tuned clutch disc to allow cylinder deactivation under a wider range of speed and engine loads with less NVH. "The highest priority in the development of new combustion engines for automotive applications is the ongoing reduction of fuel consumption," says Ford's Andreas Schamel, presenting Ford's findings to the Vienna Motor Symposium. Read more at Green Car Congress or in the press release from Ford. Atieva is building an EV with the help of numerous former Tesla employees. The Silicon Valley-based startup was founded in 2007 by a former Tesla vice president, and its roster includes 12 other former Tesla employees. Already well funded, Atieva is now looking to fill its ranks with more talent, with 32 engineering positions, two recruiter positions and other job openings posted at its website. As for the EV it is working on, Atieva says it is "redefining what a car can be, by building an iconic new vehicle from the ground up." Read more at Charged EVs. Testing shows that Joule ethanol, made from recycled CO2, meets standards for use in the US and Europe. In partnership with Audi, Joule has been working toward making its recycled CO2 fuels ready for commercialization. "We are pleased to achieve another critical step towards our planned near-term delivery of fuel-grade ethanol from recycled CO2," says Joule President and CEO Serge Tchuruk. "Using waste CO2 as a feedstock, our technology has the two-fold advantage of reducing greenhouse gas emissions and producing cost-competitive, drop-in fuels." Joule will use these test results to get government approval for the use of its ethanol in highway fuel.