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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

Ford recalls 125,000 Maverick, Escape, Corsair hybrids over fire risk

Ford is recalling more than 125,000 Maverick, Escape and Lincoln Corsair hybrids produced for the 2020-2023 model years to address a fire risk associated with failure of their internal combustion engines, which Ford says is happening with undue frequency. In the event of an engine block breach, oil and fuel vapors may collect under hood in places that would make them prone to ignition, meaning that an engine failure can do more than leave owners stranded.  "Isolated engine manufacturing issues have resulted in 2.5L HEV/PHEV engine failures involving engine block or oil pan breach," Ford said in its defect report to NHTSA. "In the event of an engine block or oil pan breach, the HEV/PHEV system continues to propel the vehicle allowing the customer to continue to drive the vehicle. As the customer continues to drive after a block breach, oil and/or fuel vapor continues to be expelled and accumulates near ignition sources, primarily expected to be the exhaust system." Per Ford, the "manufacturing issues" include poor machining of the engine crankshaft and contamination of engine block mating surfaces during assembly. The issue has been fixed in production, but 2.5-liter engines that escaped the factory with defects could be ticking time bombs. Ford's solution is to re-work the underhood components that allow combustible liquids and vapors near ignition sources. This way, the cars are better protected against immolation regardless of the circumstances. Signs of failure will be obvious, Ford says. Loud clanging or booming noises, a loss of power and smoke are all immediate signs that the customer should exit the roadway as safely and quickly as possible and shut the car down.  Owners should expect to receive notifications by the end of June or early July. They should begin circulating by mid-month. All remediation will be handled for the customer free of charge by their Ford dealerships.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2020 Ford Escape Hybrid and Plug-In Hybrid

Roll like bad, bad LeRoy Brown in this '74 custom Continental

In the 1973 number one hit single, "Bad, Bad LeRoy Brown," Jim Croce sings about a gentleman from the South Side of Chicago who has "a custom Continental and an Eldorado, too." The Eldorado presumably was unremarkable factory fare, but we have to believe that the custom Continental Croce was thinking of when he wrote the song was something very much like this Lincoln Continental Mark IV. For sale right now on eBay Motors, the car was customized, apparently when new, by ASC (American Sunroof Corporation). The client was not LeRoy Brown but was a Mr. Ronald M. Nassar, and his name is engraved on gold plaques on the door armrests. Mr. Nassar was an industrial designer and worked at ASC. The makeover is quite extensive. Besides the chrome wire wheels wrapped in wide whitewalls, pinstriping, and the twin leaping greyhound hood ornaments, there's an entirely customized padded vinyl top. The factory oval opera windows are replaced with vertical oval oper windows, and landau bars are applied. The rear window is also oval. Inside, the gold crushed-velour upholstery and factory fake woodgrain merely provide a starting point. The custom features include a refrigerator/food warmer, a crystal goblet holder on the dash, and a television built into the back of the center console. Note what looks like a miniature oil painting on the inside C-pillar. In the trunk, there's a fur spare-tire cover. Perhaps the most amazing aspect of this creation is that it has been driven less than 100 miles. Ever. The odometer shows just 64 miles, which is supported by the lack of wear showing on any of the interior items. The floor mats look like they have never been sullied by the soles of anyone's shoes, and those are just the factory mats. A set of white fur floor mats in a plastic bag are also included. The asking price is $18,900, which is certainly not out of line for a vehicle of such inimitable 1970s style. For an even greater dose of Mr. Nassar's vision, check out his home, which went on the market two years ago. It's not on the South Side of Chicago, but the north side of Detroit, and it makes this Lincoln look understated. Featured Gallery custom '74 Lincoln Continental Mark IV View 10 Photos Lincoln Coupe Luxury Classics