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Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

CMC to produce limited run of Callum's Jaguar Mark 2 [w/video]

We were a more than a little jealous when designer Ian Callum revealed his Jaguar Mark 2 restomod that he commissioned from Classic Motor Cars. It turns out that we weren't the only ones that dug it - the reaction was so great that CMC got Callum's permission to create a limited run of them for customers. Although, with prices quoted between £350,000 and £375,000 ($572,000 - $613,000), we doubt Ian needs to worry about seeing a copy of his creation pass him too soon.
"Within hours we had received calls from people all over the globe asking if they could buy one," said Peter Neumark, Chairman of CMC in the latest announcement. The reaction came as a surprise to Callum, who said he designed the car entirely to his own specifications and actually wasn't sure if people would like it.
Among Callum's many changes are new bumpers, wider front fenders with functional louvers and less chrome trim. Under the hood is a 4.3-liter six-cylinder fitted with two SU carbs putting out around 260 horsepower and 280 pound-feet of torque. It should be a much better driver too, with a completely re-engineered independent rear suspension, adjustable dampers at all four corners, improved brakes and a new rack and pinion steering system designed by CMC with electric assist.

Jaguar XFR-S is motor-porn on a mountain road

The 2014 Jaguar XFR-S might have only been good enough to take the runner-up spot in our Editor's Choice top five debuts at the LA Auto Show, but we'd be hard-pressed to find a car with a more exhilarating exhaust note. As proof of this, Jaguar released a video showing the XFR-S tearing up a windy, European mountain road in close to a minute of hardcore driving footage.
The big blue cat has the same great exhaust note of the XKR-S, and the driver puts all of the car's 550 horsepower to work demonstrating the handling - and drifting - abilities of the new XFR-S. If there's any disappointment to be had, it's the fact that you have to jump to the 30-second mark of the video for any of the action to start.
Scroll down to watch the video, and be sure your speakers are turned all the way up.