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Ford surges with record 2Q profit

We already knew that the second quarter of 2015 has been good to General Motors. For Ford, though, it's been even better. The Blue Oval saw a net income of $1.9 billion, $800 million more than its larger cross-town rival. Pre-tax profits were even more impressive, at $2.9B. Those figures aren't only more impressive than what GM could conjure up, they improved handily over the same period in 2014. Net profits were up by $574 million, or a staggering 44 percent, while pre-tax profits saw a 10-percent bump over 2014. Ford Credit also had a strong quarter, raking in just over half a billion dollars before taxes. So yeah, Ford calling Q2 "outstanding" in its press release is no exaggeration. The vast majority of Ford's positive Q2 can be attributed to the North American market, which made up $2.6 billion of the company's pre-tax profits. South America, the Middle East, and Europe were all down, although Asia delivered some relief, making $192 million before taxes. Scroll down for the official press brief from Ford. JUL 28, 2015 | DEARBORN, MICH. FORD REPORTS STRONG SECOND QUARTER RESULTS; PRE-TAX PROFIT $2.9 BILLION; NET INCOME $1.9 BILLION DEARBORN, Mich., July 28, 2015 – Ford Motor Company [NYSE: Ford] today reported its 2015 second quarter financial results. View the press release here and visit shareholder.ford.com to view the slide presentation and access the webcast to Ford's second quarter earnings call, which begins at 9 a.m. EDT with Mark Fields, president and chief executive officer, and Bob Shanks, executive vice president and chief financial officer. Highlights Include: Outstanding second quarter; company on track for a breakthrough year Pre-tax profit of $2.9B, up $269M or 10 percent from a year ago excluding last year's special item charges Net income of $1.9B, up $574M or 44 percent from a year ago After-tax earnings per share of 47 cents, up 7 cents from a year ago excluding last year's special item charges Best Automotive quarterly profit since 2000 Wholesale volume up 2 percent, driven by North America and Europe Automotive revenue about equal, with higher net pricing and volume offset by unfavorable translation effects of the strong U.S.

Ford announces fix for 2021 Expedition and Lincoln Navigator fires

In the middle of May, Ford announced a recall of around 39,000 Ford Expeditions and Lincoln Navigators from the 2021 model year due to fires starting under the hoods of the SUVs. At the time, Ford had received 16 incident reports, 14 of them happening with rental vehicles. The automaker cautioned owners to park their vehicles outside and away from structures while engineers figured out what was happening and how to fix the problem. Since that May announcement, five more fires have been reported, four of them rental vehicles, and there's been one burn injury. The company announced it understands the problem and has a fix, at the same time widening the scope of potentially affected vehicles. Instead of recalling 39,013 units built between December 1, 2020, and April 30, 2021, the recall now includes 66,221 vehicles assembled from July 27, 2020, to Aug. 31, 2021. The suspected culprit is a circuit board provided by a supplier that changed manufacturing location during the pandemic. Ford's press release on the matter stated that "circuit boards produced at this facility are uniquely susceptible to a high-current short." The affected vehicles are fitted with either an 800-watt or 700-watt cooling fan system. About a third of the recalled population are fitted with the former, and should get a quick fix at the dealer. On these SUVs, techs will inspect the battery junction box. If they find evidence of melting, they'll replace the whole box. If not, they'll simply remove the engine fan ground wire that runs to the battery junction box; since this ground relay is redundant, the change doesn't alter operation of the fans.  Owners with the 700-watt system might need to wait until September for a fix. These vehicles need an auxiliary relay box with a wire jumper, but the parts aren't available now.   Ford's notifying all owners via the FordPass app, and will follow up with owners of the 700-watt cooling system once the parts are in stock. Until their vehicles are fixed, Ford says the SUVs are safe to drive but that they should still be parked outside and away from structures. The somewhat mixed messaging — 'Yes, your cars are safe to drive, but they could catch fire so don't park them near anything flammable' — encouraged a group of owners to file suit against Ford. Owners with questions can contact Ford customer service at 866-436-7332 and reference recall No. 22S36.

Ford Escort is ready to focus on the Chinese market

Ford officially revived the Escort name in China, showing of the new, four-door compact at the Beijing Motor Show. Painted in a stylish brown-bronze, the new sedan wears a number of global Ford styling cues while sharing its platform with the Ford Focus.
Power for the new model comes from a 1.5-liter four-cylinder, although Ford doesn't specify just how much power is on offer, simply saying that the fuel economy of the new mill will be "outstanding." It's unclear what transmission will be distributing the engine's power, although based on the images we've seen, the Escort will definitely offer a two-pedal setup.
The layout of the cabin is fairly clean, although as we mentioned in our initial post on the new Escort, it's a decidedly sparser environment than we've grown use to in US-spec Fords of late. If anything, it's like a weird blend of current Ford switchgear with an overall look that reminds us of older Ford layouts. Still, it looks like a comfortable way of moving five people about without too much fuss. There's ample space both front and rear, and a rather spacious trunk.