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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.

Watch live as Mark Fields is officially named Ford's next CEO

We've heard rumblings of a changing of the guard at Ford, and this live stream from The Blue Oval itself is set to confirm the rumors: Alan Mulally will be succeeded by the automaker's current Chief Operating Officer, Mark Fields.
Mulally, who is 68 years old, has served at the head of Ford for eight years, and his official retirement date will be July 1st, 2014. Fields, who is 53 this year, has been with Ford for 25 years and has been groomed to take the helm from Mulally for the last several of those years.
There's an official press release that you can read, but if you're more of a visual person, you're welcome to watch the live video feed of the announcement down below.

Ford cuts F-150 fuel use through CNG-capable fleet sales, EcoBoost

The possibility of $1-a-gallon fuel would make a lot of US governmental entities sit up and take notice. The state of Oklahoma and the city of Dallas are making that happen. Those two entities are buying up a bunch of Ford F-150 pickups retrofitted to run on compressed natural gas (CNG), all in the name of cost savings and emissions reduction. Oklahoma is buying 256 of the F-150s, while Dallas is buying another 65. The trucks, which cost between $6,000 and $9,500 to retrofit (on top of the original price), can run on either CNG or liquefied petroleum gas (LPG). And while that's a substantial hit, conversion costs are typically paid back in three years thanks to lower refueling costs. CNG prices are as low as $1.07 a gallon in parts of Oklahoma. How much lower? The national average price for CNG is about a buck and a half less than the $3.67 average per-gallon cost of gasoline. And CNG prices are as low as $1.07 a gallon in parts of Oklahoma, where CNG is plentiful. CNG also cuts tailpipe greenhouse gas emissions by about 20 percent compared with gasoline, while the retrofitted trucks can go as far as 450 miles from their CNG tanks in addition to the 300-mile range from their conventional tanks. That's useful in a bit state like Texas. This week, the US Energy Department trumpeted a $5.9-billion loan program that Ford accessed to upgrade its factories for production of its EcoBoost engines, noting that Ford has sold a half-million F-150 trucks with EcoBoost engines. Those trucks have collectively cut fuel use by almost 57 million gallons of gas during the past three-plus years. Check out Ford's press release on the F-150 purchases below and the Energy Department's statement about its loan program here. OKLAHOMA, DALLAS ORDER 300-PLUS CNG-CAPABLE FORD F-150 PICKUPS AS DEMAND GROWS FOR ALTERNATIVE FUEL OPTION The state of Oklahoma and its agencies to buy 256 Ford F-150 trucks prepped to run on compressed natural gas; Dallas orders 65 for its fleet 2014 F-150 available with gaseous-fuel prep option on 3.7-liter V6 engine; can run on CNG or liquefied petroleum gas (also called propane autogas) By summer, Ford will offer eight vehicles that can run on clean-burning, affordable CNG; the company is on track to sell more than 15,000 such vehicles in 2014 The state of Oklahoma, its agencies and the city of Dallas have ordered a total of 321 Ford F-150 pickups that can run on compressed natural gas.