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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

Recharge Wrap-up: California breaks ground on high-speed rail, Ford launches global mobility experiments

California has celebrated the groundbreaking of the country's first high-speed rail system. The ceremony took place in Fresno, in the San Joaquin Valley, situated along the line's initial route through California's Central Valley. The train will travel at speeds of up to 220 miles per hour, delivering passengers from San Francisco to LA in less than three hours when finished by 2029. California eventually plans to extend high-speed rail service north to Sacramento and south to San Diego, with a total of 24 stations. The project is expected to cost a total of $68 billion, but could potentially ease road and air traffic, as well as the pollution that comes with it. See the groundbreaking ceremony in the video below, and read more at Engadget or the California High-Speed Rail Authority website. Elon Musk (barely) commented on the Tesla Model 3 during his Reddit AMA. A commenter asked for any new information on the upcoming electric sedan, to which Musk merely replied, "It won't look like other cars." Unfortunately for Tesla fans, the lone comment was the only reference to the electric automaker Musk leads as CEO. The event was full of some really cool space talk, though. Musk also noted he gets an average of six hours of sleep per night, and that showering is the daily habit that impacts his life the most positively. Read the entire AMA at Reddit. Ford outlined its Smart Mobility Plan at the 2015 Consumer Electronics Show in Las Vegas. It includes 25 global mobility experiments designed to provide insights into the future of transportation needs around the world. "We see a world where vehicles talk to one another, drivers and vehicles communicate with the city infrastructure to relieve congestion, and people routinely share vehicles or multiple forms of transportation for their daily commute," says Ford President and CEO Mark Fields. The mobility experiments include carsharing programs in Michigan, London, Germany and India, a fast-charging infrastructure experiment, a shuttle service in New York and London and even a cycling focused data program in Palo Alto. Read more at Ford's website. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. "Our priority is not in making marketing claims or being in a race for the first autonomous car on the road," Fields said. "Our priority is in making the first Ford autonomous vehicle accessible to the masses and truly enhancing customers' lives.

How the 2015 Ford Mustang will save your knees

The 2015 Mustang is one of the most hotly anticipated vehicles of the moment, and Ford continues to leak out interesting little details about its newest pony car. The latest info doesn't have anything to do with its quarter-mile time or handling, but if any of that goes drastically wrong, the innovative new glovebox-mounted airbag may prevent passengers from knee injuries.
All variants of the 2015 Mustang get the active knee airbag as standard, and it's the first vehicle in Ford's lineup to receive the system. The setup is actually quite simple and ingenious. The glovebox is made from a plastic outer panel that is attached to the inner door. Sandwiched between them is this new injection-molded plastic bladder that folds flat when in use. If the passenger-side airbag deploys, the system springs into action to act as a cushion for your knees. Compared to a traditional knee airbag that has to fully inflate, this arrangement is 65 percent lighter and can use a 75 percent smaller inflator. It's also basically invisible when you look at the glovebox door.
Ford spokesperson Ed Saenz declined to tell Autoblog whether the system will appear in other vehicles in the Blue Oval's lineup but said, "We're considering other applications." Provided it's effective, the approach seems too simple not to make its way to other products. Scroll down to watch a video showing how the glovebox-mounted knee airbag works.