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Quitting Mexico factory helps bring down Ford earnings $200 million in 2016

Ford released its 2016 earnings report this morning, and despite a fourth quarter net loss it proved to be the automaker's second most successful year ever, following record breaking numbers in 2015. Losses for the year come from a number of sources, including accounting changes and a $200 million hit for backing out of the small-car factory in San Luis Potosi, Mexico. Despite the loss, come March 9 about 56,000 UAW-represented employees will receive a $9,000 profit-sharing check. That, like most of Ford's other 2016 metrics, is slightly down from the year before, but it's still the second best profit-sharing payment ever. Total net income was $4.6 billion, down $2.8 billion from 2015. Total revenue for 2016 was $151.8 billion, up $2.2 billion. Ford's earnings report lists a global market share of 7.6 percent, down a tenth from 2015. Ford's European and Asia-Pacific markets posted their best and second best pre-tax profits respectively. The South American, Middle East, and African markets all took hits because of unstable economies and other external factors. Ford expects to have another down year in 2017 as it invests in new and emerging markets and focuses more on its mobility projects.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Ford via Automotive NewsImage Credit: Getty Earnings/Financials Plants/Manufacturing UAW/Unions Ford Lincoln Mexico ford earnings

Ford recalling select Taurus, Explorer and Lincoln MKS models over fuel tanks

Ford is recalling certain 2012 Taurus, 2013 Explorer and 2012 Lincoln MKS models over fuel tank concerns. According to the National Highway Traffic Safety Administration, vehicles built between July 19, 2011 and March 15, 2012 may have been built with fuel tanks that have a "marginally sealed seam" on the side. Those seams may not provide the strength necessary to protect the tank from rupture during a collision. They may also leak. The recall covers a total of 3,037 vehicles. NHTSA says that leaked fuel, in the presence of an ignition source, could easily cause a fire.
Dealers will inspect the tanks and replace them as need be free of charge. Owners can expect to be notified once the campaign begins on or around April 22, 2013. You can read the full NHTSA recall notice below for more information.

Ford Recalls Nearly 700,000 Vehicles

Ford is recalling more than 692,000 Escape small SUVs and C-Max gas-electric hybrids in North America to fix two safety problems. The recalls cover vehicles from the 2013 and 2014 model years. Most of the Escapes have both problems. The first case covers 692,500 Escape and C-Max vehicles. A software glitch can stop the side curtain air bags from inflating in certain types of rollover crashes. The company says it has no reports of crashes or injuries. Dealers will reprogram the air bag control computer for free. About 65,000 of the recalled vehicles are C-Max models, and the rest are Escapes. Roughly 591,000 are in the U.S., with 3,500 more in U.S. territories. About 78,000 are in Canada and another 19,500 are in Mexico, Fordspokeswoman Kelli Felker said in an e-mail. There could be more vehicles affected in other markets, the company said. The affected Escapes were built from Oct. 5, 2011 through Feb. 14, 2014. The C-Max vehicles were built from Jan. 19, 2012, through Feb. 24, 2014. The second case covers about 692,700 Escapes. Exterior door handles can bind and stop the door from latching properly. This could allow doors to open while the SUVs are in motion. Dealers will inspect the handles and reposition them if needed. No crashes or injuries have been reported. About 583,000 are in the U.S. or its territories, with another 89,500 in Canada and 20,000 in Mexico. Ford said in this case, the problem may affect vehicles in other markets. All the North American Escapes were built from Oct. 5, 2011, through April 10, 2014. Recalls Ford escape