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Ford reports 58% drop in Q2 profits on European losses

Ford Motor Company announced Wednesday that it has posted a $1 billion profit for the second quarter of 2012. That sounds like good news for the Blue Oval, until you take into account that Ford posted a $2.4 billion profit for Q2 a year ago. That is a substantial 58 percent loss.
Ford also posted $465 million in international losses, with $404 million of those losses coming directly from Europe. The automaker also increased its European loss projections to $1 billion for 2012, due in large part to the economic crisis overseas, which has resulted in increased unemployment and decreased consumer confidence.

Ford's cars being held up in Chinese ports in trade tensions with U.S.

BEIJING — Ford Motor Co's imported vehicles are being held up at Chinese ports, three people with knowledge of the matter told Reuters, underscoring how U.S. goods are facing increased customs scrutiny in China amid a tense trade standoff. The three people said Ford and Lincoln vehicles were facing unusual delays at customs, with officials asking for extra technical checks. Two of the people said U.S.-made models of some German carmakers, mainly SUVs, being brought into China, were also affected. Ford was being asked to do extra checks on emission components, said a China-based Ford executive familiar with the matter, asking not be named because of the sensitivity of the issue. China's customs agency did not immediately respond to requests for comment. The holdups add to a growing list of American products facing issues at China's borders, as officials try to avert a full-blown trade war. Some trade experts said they believe Beijing is sending a defiant warning to Washington in response to sweeping U.S. trade demands made on China last week. Reuters reported Tuesday that China had ramped up inspections of pork shipped from the United States, after the country's customs agency said it would step up quarantine checks on American apples and logs. The second person, a China-based industry official with knowledge of the matter, said the delays for Ford — as well as some U.S.-made cars from BMW and Mercedes-Benz — had been going on for the last two weeks. "Customs pretends there are technical non-conformities of some nature that won't allow them to clear these U.S.-made cars through customs, but the U.S.-China trade frictions must be the background to this," he said. "Although no one will officially admit it." Responding to a request for comment from Reuters, a BMW spokesman said that "U.S.-made BMW cars have not been delayed at the ports as of last week and before." A Daimler spokeswoman said it was "monitoring the situation closely" regarding ongoing trade talks between China and the United States, but that she could not speculate further on other matters. The third person said the Ford issue, which had been noted by the United States government, and other holdups facing American goods, were clearly related to the trade dispute. A Ford spokeswoman in Shanghai when asked about the matter said: "We are closely monitoring our situation at the port." She declined to comment further.

Ford wins second consecutive International Van of the Year award with Transit Connect

The redesigned 2014 Ford Transit Connect isn't even on sale yet, but it's already making its presence felt around the world. At a commercial vehicle expo in Russia, the Transit Connect was named the International Van of the Year.
Ford's small work van edged out the new Mercedes-Benz Sprinter by just seven points to allow Ford to grab this honor for the second consecutive year, which it won last year with the Transit Custom. Not only does this make Ford the first to ever win the award in back-to-back years, but it's also the fifth time the automaker has won this award since 2003 (two with the Transit Connect, two with the fullsize Transit and once with the Transit Custom). Ford congratulates itself for the accomplishment in a press release posted below.