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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.

Jaguar recalling XK Convertible and XF 2.0T sedan for unrelated issues

Jaguar has announced that it will be recalling 1,989 XK Convertibles produced between October 1, 2010 and August 1, 2013. Model years ranging from 2011 to 2014 are part of the recall.
The issue has to do with one of the switches the switch that controls the opening and closing of the convertible top. The switch also has to do with the operation of the power windows. According to the Feds, the switch doesn't move down to close the power windows, meaning that the window could accidentally close on the finger or arm of an inattentive person.
In related news, Jaguar is also recalling 940 2013 XF sedans powered by the 2.0-liter turbocharged four-cylinder engine for a hose that can detach underhood, which could cause the engine to stall or could leave the driver without power steering or brakes.

2020 Jaguar F-Type loses manual option, costs more money

When Jaguar showed off its 2020 F-Type Checkered Flag Edition in October 2018, we wrote, "Somewhat surprisingly, the Checkered Flag upgrades will only be applied to four- and six-cylinder models paired with the eight-speed automatic." At the time, we didn't understand why buyers weren't offered the manual transmission. Now we know: Along with applying slight price bumps to the F-Type for the 2020 model year, Jaguar has eliminated the manual gearbox. The F-Type is only available with an eight-speed auto now, and our list of cars with manual options has shortened again. That blow exposes the recurring flaw with every "Save the Manuals!" campaign; row-your-owners can't buy enough manual-equipped cars to repay the favor. Car and Driver said that since the F-Type's introduction for the 2013 model year, four percent of buyers have chosen the stick. On a sports car. There's a good chance that a greater number of people have bought unicorn hunting licenses from Lake Superior State University. In kinder news, the Front Parking Aid and Smartphone Pack, which enables Apple CarPlay and Android Auto, come standard, and Eiger Gray and Portofino Blue join the paint palette. Starting from the bottom, the base, rear-wheel-drive F-Type coupe with the 296-horsepower, 2.0-liter four-cylinder costs $62,625 after the $1,025 for destination fee. The convertible costs $65,725 after destination. Both prices represent an $850 increase over 2019. A RWD coupe with the 340-hp, 3.0-liter supercharged V6 costs $72,225, a $1,050 increase, the roadster asking $75,225, a $925 bump. The F-Type Checkered Flag Edition, based on the F-Type R-Dynamic trim, runs $72,925 for the coupe, $75,325 for the convertible in 300-hp, four-cylinder, RWD guise. Move to the 380-hp, supercharged six-cylinder, AWD model, and that'll be $95,525 for the coupe, $97,925 for the convertible. In between them, the regular F-Type R-Dynamic runs a price range from $85,325 as a RWD coupe to $91,425 as an AWD convertible, all prices rising by $950. From there on up it's all AWD and high horsepower. The F-Type R with the 5.0-liter supercharged V8 in 550-hp trim runs $102,825 as a hardtop, $105,925 as a droptop, a $1,050 premium over 2019. Ring the bell with that V8 in 575-hp SVR fettle, and pay $124,625 as a coupe, $127,725 as a convertible, reflecting an $850 increase. The 2020 F-Type is at dealers now.