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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.

Mercedes-Benz EQC vs. Jaguar I-Pace vs. Tesla Model X: How they compare on paper

The Mercedes-Benz EQ line is officially alive and kicking, with the reveal of the EQC electric crossover. It joins a segment that, while still in its infancy, seems ready to take off. Mercedes lists as the EQC's competitors the Jaguar I-Pace, The Audi E-Tron Quattro and the BMW iX3. While we've seen all of these, at least in concept or pre-production form, only one — the Jag — has actually been launched in production form. We've seen a concept and subsequent spy shots of the iX3, and the Audi EV will get its official specs publicized later this month. One electric SUV Mercedes didn't specifically call out was the Tesla Model X. As such, we've decided to compare on paper the Mercedes-Benz EQC 400, the Jaguar I-Pace S and the Tesla Model X 75D: All three are dual-motor EVs, though the Tesla is the longest and tallest. The EQC has the most power, but it and the Model X's 4.9-second 0-60 times fall short of the I-Pace. It also has the lowest top speed and electric driving range. (Mercedes sent us an updated range figure, but it's using the generous and largely outdated NEDC cycle; we're still waiting on an EPA rating.) We'll be interested to see how much the Mercedes weighs. Mercedes hasn't divulged the price of the EQC yet, but we imagine it'll fall pretty near to the $70,000 mark. As for Audi, we'll revisit this comparison after those details are made available on September 17. If you're interested in some other EV comparisons, we have a couple others that we published to compare the I-Pace to premium Teslas, as well as against other less-expensive EVs. If you want to learn more about these EVs, and compare them with other cars, be sure to check out our Car Finder and comparison tools. Related Video: Featured Gallery Mercedes-Benz EQC 400 EV Crossover View 28 Photos Green Jaguar Mercedes-Benz Tesla Crossover SUV Electric Luxury Comparison jaguar i-pace mercedes-benz eqc

Junkyard Gem: 2002 Jaguar XJR

One thing that's a constant in the big self-service car graveyards is the presence of massively depreciated European luxury sedans. These cars come from the factory stuffed full of complex leading-edge technology, and they require the owner to check every box on the maintenance schedule, year after year. Once that 10-year-old A8 or S-Class reaches its fourth owner, broken stuff often goes unrepaired, convenience-store generic oil goes in the engine (that is, if the engine even gets any new oil), and the European Luxury Sedan Doomsday Clock starts ticking. Here's a factory-hot-rod Jag that sold new for quite a bit more than a BMW 745i and just 20 bucks less than a Mercedes-Benz S430, back when Enron's machinations were in the news and a lot of energy-industry execs were about to get their luxury sedans repossessed, now in a Colorado self-serve yard. We live in a golden age of forced-induction engines in U-Wrench junkyards, with all sorts of turbocharged and supercharged machinery just waiting to provide the raw materials for a really stupid engine swap. The 4.0-liter, 370-horsepower V8 in the 2002 XJR would be just about perfect for installation into, say, a Datsun Maxima. This yard charges just $44.99 plus $10.60 in core charges and environmental fees for any supercharger, be it the dime-a-dozen Eaton M62 found on GM 3800s or the mighty M112 that was once buried between the heads on this engine. Thing is, you need to get to a car like this immediately after it hits the yard, because the first junkyard shopper with sufficient tools is going to grab that ultra-cool blower right away. The price tag for this car started at $71,830, which comes to about $105,550 in 2020 dollars. We can assume that some four-figure repair became necessary, and that this car's final owner had to let it go to the highest bidder with cash on hand… which turned out to be U-Pull-&-Pay. Look, you could still get a cassette player in a high-end luxury car in 2002! When do you suppose CD players will finally disappear from new cars? Here in the junkyard, the lowly Kia becomes equal to the majestic Jaguar. Perhaps their metals will be reused in a Geely next year. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The security of knowing you'll never, ever lose it in the parking lot. Featured Gallery Junked 2002 Jaguar XJR View 20 Photos Auto News Jaguar Automotive History Sedan jaguar xjr Junkyard Gems