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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 calling in 28k Edge crossovers over fuel line leak

A problem with the fuel line on certain examples of the Ford Edge has prompted the National Highway Traffic Safety Administration to issue a recall. The issue revolves around the metal housing on the fuel line pulse damper, which was apparently improperly manufactured in the first place and is prone to crack in certain circumstances, leading to a fuel leak. And as we all know, a fuel leak is not a good thing.
The problem affects model year 2012 and 2013 Edge crossovers equipped with the 2.0-liter engine and manufactured between September 2, 2010 and April 25, 2013 - a total of 27,933 units. Although the Lincoln MKX is closely related to the Edge, since it isn't offered with the same engine (to which the problem is related), the recall does not include the premium-badged version. See the recall notice below for further details.

Dan Gurney, legendary all-American racer, dies at 86

American racer Dan Gurney, who raced and won in Formula One, the 24 Hours of Le Mans, IndyCar and NASCAR in the 1960s and who started a trend by spraying champagne on the victory podium, died in California on Sunday. He was 86. The news was announced by his wife, Evi, and family in a statement. "With one last smile on his handsome face, Dan drove off into the unknown just before noon today, January 14, 2018," they said. "In deepest sorrow, with gratitude in our hearts for the love and joy you have given us during your time on this earth, we say, 'Godspeed.'" The family said Gurney, whose Formula One career spanned one of the most glamorous and dangerous periods of the sport's history from 1959 to 1970, had died of complications from pneumonia. He won seven IndyCar races, five in NASCAR and four in F1, placing second twice in the Indianapolis 500. He raced in multiple series concurrently throughout much of his career. He was the first of just three drivers to win races in four series — sports cars, Indycars, Formula One and NASCAR. The feat was later replicated by Mario Andretti and Joan Pablo Montoya. At the height of his popularity, in 1964, Car and Driver promoted the idea of electing him president. He retired from racing in 1970 but returned for a NASCAR race in 1980. Between 1965 and 2012, his All American Racers, which he founded with Carroll Shelby and Goodyear, built 158 race cars and is the only constructor to have built a winning F1 Grand Prix car, a winning Indy 500 car and a winning Sports Car. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Reporting by Alan Baldwin Featured Gallery Dan Gurney obituary View 20 Photos Motorsports Ferrari Ford Porsche IndyCar dan gurney