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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.

Gas-electric hybrid vehicles are getting a boost from Ford, others

DETROIT — Hybrid gasoline-electric vehicles may not be dying as fast as some predicted in the auto sectorÂ’s rush to develop all-electric models. Ford Motor is the latest of several top automakers, including Toyota and Stellantis, planning to build and sell hundreds of thousands of hybrid vehicles in the U.S. over the next five years, industry forecasters told Reuters. The companies are pitching hybrids as an alternative for retail and commercial customers who are seeking more sustainable transportation, but may not be ready to make the leap to a full electric vehicle. "Hybrids really serve a lot of America," said Tim Ghriskey, senior portfolio strategist at New York-based investment manager Ingalls & Snyder. "Hybrid is a great alternative to a pure electric vehicle; it's an easier sell to a lot of customers." Interest in hybrids is rebounding as consumer demand for pure electrics has not accelerated as quickly as expected. Surveys cite a variety of reasons for tepid EV demand, from high initial cost and concerns about range to lengthy charging times and a shortage of public charging stations. “With the tightening of emissions requirements, hybrids provide a cleaner fleet without requiring buyers to take the leap into pure electrics,” said Sam Fiorani, vice president at AutoForecast Solutions. S&P Global Mobility estimates hybrids will more than triple over the next five years, accounting for 24% of U.S. new vehicle sales in 2028. Sales of pure electrics will claim about 37%, leaving combustion vehicles — including so-called “mild” hybrids — with a nearly 40% share. S&P estimates hybrids will account for just 7% of U.S. sales this year, and pure electrics 9%, with internal combustion engine (ICE) vehicles taking more than 80%. Historically, hybrids have accounted for less than 10% of total U.S. sales, with ToyotaÂ’s long-running Prius among the most popular models. The Japanese automaker has consistently said hybrids will play a key role in the company's long-range electrification plans as it slowly ramps up investment in pure EVs. Ford is the latest to roll out more aggressive hybrid plans. On its second-quarter earnings call in late July, Chief Executive Jim Farley surprised analysts, saying Ford expects to quadruple its hybrid sales over the next five years after earlier promising an aggressive push into all-electric vehicles. “This transition to EVs will be dynamic,” Farley told analysts.

2024 Chrysler Pacifica celebrates 40 years of the modern minivan

While its nameplate is relatively new, the Chrysler Pacifica traces its roots to the model that defined the minivan as we know it today: the Plymouth Voyager. Chrysler is celebrating 40 years of building family haulers by making a handful of small updates to the Pacifica for 2024. Don't expect to find a "40 Years Edition" trim the next time you visit a Chrysler dealer. Changes for the 2024 model year are largely limited to new paint and interior colors. Red Hot and Baltic Gray join the palette, and buyers who order the range-topping Pacifica Pinnacle model can select a new interior color called Sepia. Chrysler has also pared down the Plug-In Hybrid range to two models called Select and Pinnacle, respectively. Customers can add the optional S Appearance, Premium S Appearance, and Road Tripper packages to the base Select trim. The final update for 2024 is minor but important. The Uconnect 5 infotainment system gains an Emergency Vehicle Alert System (EVAS) that warns the driver if it detects an active fire truck, an active ambulance, or "other nearby roadway hazards," according to Chrysler. Chrysler dealers across the nation will begin receiving the 2024 Pacifica in the coming weeks. Moving your family and your stuff for 40 years Plymouth, which Chrysler closed in 2001, built the first Voyager at the Windsor plant in Canada on November 2, 1983. The van went on sale as a 1984 model and became what most historians consider the first modern minivan. The idea of designing a box on wheels tailor-made for families wasn't new: the 1930s Stout Scarab, the original Volkswagen Bus released in 1950, the Fiat 600 Multipla launched in 1956, and the Renault Espace unveiled shortly after the Voyager filled the same void, but it's the Chrysler Corporation's definition of a minivan that stuck. The original Voyager was also sold as the Dodge Caravan (1984) and the Chrysler Town & Country (1990). The three models leveraged a unique set of attributes to stand out from other vans on the market, including car-derived underpinnings (many existing models were related to bulky commercial vehicles), front-wheel-drive, and a sliding door that made the cabin easy to get in and out of. Stow 'N Go seats didn't appear until the 2004 model year, but Chrysler's early vans featured removable rear seats for weekend trips to the hardware store. SUVs and crossovers often get blamed for killing the station wagon, but the minivan arguably started the war.