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Ford Q1 profits dragged down by warranty costs

General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Financially, Ford suffered a rough quarter almost across the board. Its pre-tax profit of $1.4 billion was also down $765 million from a year ago. Things were even worse in the North American market where operating profit fell significantly to $1.5 billion, down from $2.392 billion in Q1 2013. However, its global revenue ticked up slightly to $35.9 billion, from $35.6 billion in this period in 2013.
Ford admitted that it spent about $900 million on expenses that it hadn't planned for during this quarter. According to Reuters, the company paid about $400 million in additional warranty and recall costs in North America. The automaker didn't explain why the costs were so much higher than expected. However, in the last three months, Ford has had several recalls, including on the 2001-2004 Escape for rust, Explorer for its steering, Edge for its fuel line and others.

2015 Ford F-150 to get up to 26 miles per gallon

The 2015 Ford F-150 is one of the most important US vehicle debuts in years, be it in the pickup segment or the entire marketplace. While we've already known about the truck's engine lineup, its payload ratings and we've even learned a bit about how it drives, the truck's EPA-estimated fuel economy ratings have remained a mystery. The wait is finally over. Ford has announced numbers that put the latest F-150 as the mileage leader among gasoline-powered, full-size pickups in the US, with its new 2.7-liter EcoBoost V6 topping the charts. Starting with the entry-level naturally aspirated 3.5-liter V6, the rear-wheel-drive F-150 is rated at 18-miles-per-gallon city, 25-mpg highway and 20-mpg combined. Opting for four-wheel drive drops those numbers slightly to 17/23/19. If fuel economy is your absolute priority, then upgrading to the 2.7-liter EcoBoost V6 is the hot ticket. It improves things further to 19/26/22 in rear-wheel drive trim or 18/23/20 with four-wheel drive. The carryover naturally aspirated 5.0-liter V8 is rated at 15/22/18 as a 4X2 or 15/21/17 as a 4X4. Finally, the flagship 3.5-liter EcoBoost V6 tops the range in available torque and offers buyers 17/24/20 ratings with rear-wheel drive or 17/23/19 with four-wheel drive. "We are delivering with the toughest, smartest and most capable F-150 ever – and now the highest EPA-estimated fuel economy ratings of any full-size gas-powered pickup in America," said Raj Nair, Ford group vice president, Global Product Development, in the company's announcement. Depending on engine and drivetrain configuration, Ford contends that the 2.7-liter EcoBoost's top rating puts fuel economy up between 5 and 29 percent over the current generation, thanks in large part to the truck's lighter aluminum construction. Obviously, these are EPA estimates, and your mileage may vary – ours has. Recently, Autoblog team members have had real difficulty even approximating government mpg estimates on many EcoBoost models, including the new F-150. Scroll down to read Ford's full announcement, including comparisons to rival models.

Ford Mustang Shelby GT350R-C set to storm Watkins Glen

Ford is bringing its latest high-performance Mustang back to the track with the new 2016 GT350R-C, which will debut and race in this weekend's IMSA Continental Tire SportsCar Challenge race at Watkins Glen. The spiritual successor to the Boss 302R that's still taking part in the Continental Tire series today, the first GT350R-C will be campaigned by Multimatic Motorsports. It's had its fully independent suspension completely revised for the track, and it gets everything from new spring rates to new anti-roll bars to a lowered ride height. Like the road-going GT350, a 5.2-liter, flat-plane-crank V8 sits under the hood, although Ford didn't release any specifics on power output. In fact, details are in short supply. We're expecting some sort of sequential racing transmission, wildly enhanced brakes, and a thoroughly race-prepared cabin, although Ford hasn't released any info on that stuff. The Blue Oval also hasn't said anything about the aerodynamic package, but strangely, it looks more or less like what's featured on the standard GT350R. The front fascia and rear wing are pretty much identical, and even the side sills seem roughly similar to the production model. "Like so many Mustangs before it, the Shelby GT350R is a car born to race," Ford's director of global performance, Dave Pericak, said in the attached press release. "We're taking it to the track as the GT350R-C and we're ready to see what it can do against the best competition in the world." Scroll down for the official press release from Ford. And if you're so inclined, you can check out the GT350R-C's debut race this weekend at IMSA.com, with coverage starting at 12:25 P.M. If you prefer normal TV, Fox Sports 1 will get around to re-broadcasting the race on July 5 at 10:00 A.M. Related Video: Ford Performance Shelby GT350R-C to Make IMSA Competition Debut at Watkins Glen • All-new Shelby® GT350R-C embodies Ford innovation through performance as race car makes its competition debut this weekend at Watkins Glen • Shelby GT350R-C to compete in the remainder of the 2015 IMSA Continental Tire SportsCar Challenge with Multimatic Motorsports • Competition version of Shelby GT350R features all-new 5.2-liter flat-plane crankshaft V8 created to extend on-track performance DEARBORN, Mich., June 24, 2015 – There's no mistaking the wicked sound or aggressive looks of the all-new Shelby® GT350R-C that Ford announced today would see its first official track time at Watkins Glen this weekend.