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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.

The 11 best scenes from the 2015 Goodwood Festival of Speed

Over the last three days, the Goodwood Estate has played home to the eponymous Festival of Speed. Thrown by the biggest gearhead in the British aristocracy – Charles Gordon-Lennox, the Earl of March and Kinrara – the Festival of Speed is essentially a tremendous, gasoline-fuelled party, complete with a very large lawn sculpture, that features the world's hottest, weirdest, fastest, and loudest race, production, and historic models. While there are quite literally dozens and dozens of videos from the event – not to mention the full-day replays (of which only day one is available, at present) – we've sifted through them to pluck away the very best. There's stuff from the official Goodwood YouTube channel, as well as several videos from automakers and other third-party channels, and it's all available below. 2015 Ford Mustang GT350R Looks Barely Controllable If you thought the highest-performance Ford Mustang would somehow get more tractable or civilized once it moved to an independent rear suspension, this video shows you have nothing to worry about. Watch as an unnamed driver wrestles the new Shelby GT350R and its flat-plane, 5.2-liter V8 up the hillclimb circuit. Even with the new suspension and sticky tires, this Mustang wants to go any direction but straight, especially following its launch. 2016 Ford Focus RS, Is Very Loud, Blue Ken Block makes his first appearance on our list. Before he steps into his Hoonicorn Mustang, though, the Gymkhana expert tackled the hill in the all-new Focus RS. The vicious bellow of the 2.3-liter, turbocharged four-cylinder is the star of this commentary-free video, although the gorgeous Nitrous Blue paint job is a nice accompaniment, as well. 1965 Ford Mustang Hoonicorn Runs Hill, Nearly Kills Lord March Mr. Block's two runs behind the wheel of the Hoonicorn were, unsurprisingly, very eventful. While one attempt goes off without a hitch, seeing the American rally driver slip and slide his way to the top of the hill while taking a short break for a donut, the other is slightly more dramatic. Block, along with Lord March in the passenger seat, carries a bit too aggressive an angle into a turn and nearly puts the NASCAR-powered Mustang into the hay bales. Check out the first video above, and the second one below. Kimi Raikkonen Makes Us Miss F1's V8 Era The latest Formula One cars have been maligned for the lackluster noise produced by the new 1.6-liter, turbocharged V6.

Vile Gossip | Adventures in tire testing

Jean Jennings has been writing about cars for more than 30 years, after stints as a taxicab driver and as a mechanic in the Chrysler Proving Grounds Impact Lab. She was a staff writer at Car and Driver magazine, the first executive editor and former president and editor-in-chief of Automobile Magazine , the founder of the blog Jean Knows Cars and former automotive correspondent for Good Morning America . She has lifetime awards from both the Motor Press Guild and the New England Motor Press Association. This is her first column for Autoblog — look for more Vile Gossip in the future. I began writing at Car and Driver magazine back in its golden age in the 1970s, before I'd actually read it. I knew very little about cars. The only magazine I read religiously was Four Wheeler because I owned big trucks and liked to go off-roading with my Chrysler Proving Grounds friends. My vast 10 years of driving experience up to that point (high-speed dirt-road idiot, taxicab driver, Chrysler Proving Grounds test driver) had less bearing on my being hired at Car and Driver than the fact that the editor just wanted to rile up the all-male staff. He didn't need me for that. They were already in full dudgeon when I arrived. They'd just spent a chunk of time testing a stack of tires for their big tire-test issue, and the editor-in-chief was toe-to-toe with the technical editor over the rankings of the top 10 tires. It was loud, and it was angry. I had no idea that car magazines tested tires. Cab driving had led me to believe that airing up a tire and changing a flat was all you needed to know. I changed so many flats on that cab, I eventually wound up in front of a live audience on the " Oprah Winfrey Show" demonstrating my brilliance with a jack and a tire iron. My point, of course, is that tires are more controversial, and also more essential, than you'd think. My other point is that it's good to get worked up about the subject, but not quite so good to let yourself be seen, as I did, on my hands and knees with my ass up in the air on national TV. This is how I prefer to test a tire: First, pick a top brand. Then accept their invitation to try and beat the crap out of their tire. I chose Yokohama, celebrating its 100th anniversary this year. The big news for them was the GEOLANDER M/T G003!