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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.

Ford Escort returns... as a concept

Ford is kickin' it old school at the Shanghai Motor Show for 2013 with a new Escort Concept - "a name that stirs up thoughts of basic, affordable transportation rather than great driving dynamics or bold design" as we said in our initial preview of the small C-segment sedan. Or, as Ford puts it, "Customers in China described seeking a vehicle that is stylish - but not one that is arrogant or pretentious." Potato, potahto...
It's an interesting amalgam of design notes with Ford's recent and stylish hexagonal grille up front, flanked by some pretty busy LED light clusters and chrome-trimmed air intakes at the lower extremities of the fascia, but the Escort Concept is not altogether unattractive. Besides its external appearance, we really don't have much information to report - Ford has not yet hinted at what may be powering this little machine, but we'd expect something with four cylinders and less that 2.0 liters of displacement sending a modest number of horses to the front tires.
It probably goes without saying, but we don't expect to see this Escort make its way to the United States, since we already have the Focus and the Fiesta battling it out in the econobox segment. That said, it's very likely to spawn a production model that will roll out here in China and in other developing market where multiple C-segment entries are becoming increasingly common. Check out our high-res image gallery of live images above, and let us know what you think of the car's styling, then scroll down below for the official press release.

Bronco, Yukon, Hummer and a CES recap | Autoblog Podcast #610

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Assistant Editor Zac Palmer. They kick things off by talking about recent news, including the revival of the Hummer name as an electric pickup, revealing Ford Bronco spy shots and the unveiling of the 2021 GMC Yukon. Then Zac tells about his time in Las Vegas attending CES 2020. They talk about the cars they've been driving: a JCW-tuned Mini Clubman, the long-term Subaru Forester with its new gold wheels, a Volvo S60 PHEV that's been added to the long-term fleet, and a Camry Hybrid. Last, but not least, they help a listener decide how to spend his money on a sports car. Autoblog Podcast #610 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 Hummer returning as an electric GMC pickup The latest on the Ford Bronco 2021 GMC Yukon CES 2020 recap Cars we're driving:2020 John Cooper Works Mini Clubman 2020 Subaru Forester long-termer (now with gold wheels!) 2020 Volvo S60 T8 Inscription 2019 Toyota Camry Hybrid XLE Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.