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Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Feds Probe Power Steering In 938,000 Ford Midsize Cars

U.S. safety regulators are investigating complaints that the power-assisted steering can suddenly fail on three Ford midsize car models. The probe covers 938,000 Ford Fusion and Lincoln MKZ cars from the 2010 through 2012 model years, as well as the 2010 and 2011 Mercury Milan. The National Highway Traffic Safety Administration says it has received 508 complaints alleging that the cars lost power-assisted steering, causing increased steering effort. Four complaints say the problem caused crashes, but no injuries were reported. The agency says in documents posted Monday on its website that in many cases, a warning message appeared as the failure happened. Restarting the car corrected the problem in some cases, but the problem returned in others. The agency says it will check the scope and frequency of a problem. It could seek a recall. Ford says it's cooperating with the probe. Shares of Ford Motor Co. rose 6 cents to $14.65 in morning trading Monday. Its shares are down 14 percent over the past year. Related Gallery Our Favorite Hot And Sporty Cars For 2015 Recalls Ford Lincoln NHTSA Ford Motor Company power steering mercury milan investigation

GM design boss Welburn says Lincoln isn't a Cadillac rival [w/poll]

General Motors Vice President of Global Design, Ed Welburn, had some dismissive words for a certain cross-town luxury brand during an interview with Car and Driver. When asked about his thoughts on Lincoln, Welburn deflected, before saying, "I don't consider Lincoln to be a competitor for Cadillac."
"They're not a global luxury brand. I don't consider them a competitor. Are they a competitor for Buick? Quite possibly. But not for Cadillac," GM's head designer explained. Welburn, who's been at the helm of GM Design North America since 2003 and is the first to hold the position of VP of Global Design, has been instrumental in the styling renaissance at GM, so predictably, Car and Driver's interview with him focused on the design aspect of cars.
During the interview, Welburn explicitly denied plans for a reborn Cadillac XLR, even as a new Chevrolet Corvette is hitting the market and strides are being made with Cadillac's V-Series performance arm saying, "We have a lot of cars that we're working on for the Cadillac brand. The XLR is not one of them right now."