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Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

2017 Jaguar F-Pace First Drive

We know what you're thinking, and we tend to agree: The world probably doesn't need another crossover. But premium European automakers keep building them because people keep buying them. Before we even got behind the wheel of the 2017 F-Pace, we knew that it would be Jaguar's best-selling model by year's end. Now that we've driven the brand's first crossover, it's apparent that there is more to the F-Pace than future sales success. This is a real Jaguar. It would have been easy for Jaguar to borrow a platform from corporate sibling Land Rover. Instead, Jaguar's engineers decided to chart their own course, starting with the aluminum underpinnings of the XE sedan. As it turns out, that was a brilliant decision. The F-Pace looks and drives like a proper Jaguar, but it has some surprises hiding under its shapely sheetmetal that make it the most practical vehicle the brand has ever offered. The F-Pace sports a familiar face, with a voluminous chrome-ringed grille flanked by twin air intakes that are almost as large. Long horizontal headlamps flow into the fenders, and just behind the front wheels sit additional vents that are the only extraneous bit of styling flair on the entire vehicle. The overall look is smooth and taut, with lots of surface tension along the car's bodysides. Not that Jaguar would have done it, but we're glad this is not an overwrought Lexus RX clone. The F-Pace's proportions emphasize the chassis' rear-drive roots, although Jaguar will only sell the crossover with all-wheel drive in the US. By default, 90 percent of engine torque is routed to the rear wheels, and that can drop to as little as 10 percent as dictated by available traction. While the good old KISS acronym applies to the car's styling, it applies equally well to the driving dynamics with one slight modification: keep it sporty, stupid. A rigid aluminum chassis – it would be all-aluminum if the rear floor weren't steel to ensure proper 50/50 weight distribution – is derived from the same architecture as the XE sedan, rejiggered to sit higher off the ground and allow for greater suspension travel. As you'd expect, the F-Pace drives a heck of a lot like a sport sedan, only giving up the illusion if you notice how high you're sitting from the road. Jaguar has nailed the driving dynamics of the F-Pace. Steering is linear and, in Dynamic mode, perfectly damped. The ride on models equipped with adaptive suspension is firm and controlled, even with massive 22-inch wheels fitted.

Junkyard Gem: 1990 Jaguar XJ-S Convertible

The Jaguar XJ-S sold for big money, cost big money to keep running, and depreciated hard once its edges got a bit rough. You'll still find examples of the XJ-S in the big American self-service yards nowadays, but this '90 is the first convertible I have found in many years. 4,715 1990 XJ-Ss were sold in the United States; I haven't been able to find a reliable figure for the number of convertibles, but it must have been small. That makes today's Junkyard Gem a real rarity— not as hard to find as a Ford Tempo All-Wheel-Drive, of course, but still a prize. Jaguar kept the 5.3-liter V12 in production from 1971 through 1992, and when it was running properly — which wasn't as often as XJ-S owners wished— it couldn't be beaten for smoothness. By 1990, Jaguar had switched from fuel injection by The Prince of Darkness to a system made by Magneti Marelli. This one is quite rough, and it shows signs of having been parked outdoors with the top down for a few years. Since you can buy nice examples for well under ten grand, restoring this one would have been a money-losing proposition. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Some of you may remember a cameo by a similar XJ-S convertible in the film The Big Lebowski. In it, Bunny Lebowski reveals that none of her toes have been cut off by kidnappers; some suspension of disbelief is required here, because Americans couldn't buy the '90 XJ-S with a manual transmission. Maybe it's a gray-market six-cylinder car. The price tag on a new 1990 XJ-S convertible was a stunning $57,000, which comes to about $113,000 in inflation-adjusted 2018 dollars. Still, BMW shoppers had to pay $70,000 for a new 750iL that year, and that V12-powered machine didn't even have a convertible top. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Here is V12 power wrapped in soft leather. Related Video: Featured Gallery Junked 1990 Jaguar XJ-S Convertible View 22 Photos Auto News Jaguar Automotive History