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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.

Kia Seltos, electric Cadillac and a looming Bronco | Autoblog Podcast #615

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder, and Associate Editor Byron Hurd makes his ABP debut. This week, they start with the cars they've been driving: the Jaguar XE, Kia Seltos, Hyundai Venue and Ford Escape. Then they dig into the news, including an upcoming Cadillac EV, Lincoln and Chevy sedans and the Ford Bronco. Finally, they help a listener replace his Jeep Patriot in the Spend My Money segment. Autoblog Podcast #615 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 Cars we're driving: Jaguar XE 300 R-Dynamic S Kia Seltos Hyundai Venue Ford Escape Cadillac bringing EV to New York Auto Show Chevy and Lincoln dealers say they still want sedans Ford tells dealers the Bronco is weeks away from its global debut Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: 2020 Ford Escape 2.0T #POV drive

What's better than a garage with a lift and a kitchen? Not much, UK owners say

Some folks look to change houses because they need more room, or perhaps their current home's basement floods. Others want a “perfect garage” with a hydraulic lift. In the United Kingdom — where priorities may be different from those in the United States — research from eBay indicates that nearly two-thirds of UK motorists (65 percent) would consider moving for the ideal garage, and theyÂ’d be prepared to pay about 5% over asking price to have one. Reporting the results of a survey among 2,000 car enthusiasts, eBay says the lift and custom toolboxes would satisfy the need to makes repairs to the Aston Martin DB5 or the Jaguar E-type (the cars respondents said theyÂ’Â’d most want installed in the garage). Certainly a built-in drain would be a nice touch for washing the vehicles, as well as proper ventilation for those paint touch-ups. A small kitchen in the garage and a jukebox would be lovely, also. Those polled were also asked to make a list of nifty additions to the garage space. Among the suggestions: a snooker table, decorative lighting, a La-Z-Boy recliner, and engine hoists. According to the research, more than 4-in-10 homeowners feel that their current garage stops them from fulfilling their passion for cars. More than half would be more likely to own a classic car if they had a garage to store it in. Said Oliver Bindloss of the Bindloss Dawes Architects firm that worked with eBay on the poll: “Garages are so much more than just a functional space for cars, they must be tough and work hard, but also be enjoyable spaces to relax in. For us as architects, the perfect garage has to start with the cars themselves.” Aston Martin Jaguar Car Buying Ownership Parts and Accessories Classics