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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's EV future starts with three 'sports crossovers' in 2025

Who'd have thought Cadillac and Jaguar would have so much in common? Once paramount luxury brands that lost their respective ways around the same time, floundered with one not-good-enough product after another, and have several failed reboots on their resumes. Given one last chance by their parent companies to get it together, both committed to all-electric lineups. And both have made it clear they're targeting the super-luxe demo, with Bentley the marque that always comes up as the hare in the distance. Cadillac appears to have made an outstanding shot off the line, its Lyriq bringing home reviews worthy of long-ago Cadillac, the Celestiq promising everything we screamed for from Cadillac concepts like the Escala and Ciel. We have two more years to wait for what Jaguar's bringing, the English automaker not expected to show near-production concepts of it coming lineup until a "globally significant" auto show that year. Autocar calims to have a few more details out of Jaguar HQ about what's to come. The product lineup has been guesswork to now. Autocar says it's going to be "a trio of ... electric sports crossovers." If that's the case, that means the F-Type puts an end to Jaguar's run of sporty, luxurious coupes — for a spell, at least. According to the report, the new range starts with a model around the size of the Porsche Taycan Sport Turismo wagon, which is an inch shorter than a Cadillac Lyriq. Two- and four-door variants will offer single- and dual-motor powertrains. Pricing is expected to begin in the GBP80,000 ($96,406 U.S.) to GBP90,000 ($108,457 U.S.) bracket, which would make this EV the highest starting price for any entry-level production Jaguar in maybe ever. Right now, the I-Pace starts at GBP66,350 ($79,957 U.S.), the F-Pace at GBP46,250. The most expensive model among the range is the F-Pace SVR at GBP81,150 ($97,792 U.S.). It's thought the upper end of the lower-end EV could "push prices to GBP120,000" ($144,610 U.S.) before getting to the SVR trims.     There's no info on the middle sibling. The flagship is anticipated to start around GBP120,000. Two motors and all-wheel-drive would be the default powertrain, prices hitting GBP200,000 ($241,016 U.S.) for SVR models.  The aim is to earn comfortable profit selling no more than 60,000 vehicles globally per year.

RM Sotheby's 2015 Monterey auction sets records

RM Sotheby's wrapped up three days of beautiful cars crossing the block during Monterey Car Week with a company record of $172.7 million in vehicles sold. The first day's Pinnacle Portfolio collection alone brought in $75.4 million, a new high for a one-day, single-vendor auction. While nothing ever topped the $17.6 million 1964 Ferrari 250 LM, the hammer continued to fall on some very expensive vehicles each day. Expected to clear over $11 million, the sale of a 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' easily managed that with a final price of $13.2 million. Multiple bidders on the phone and in the room desperately wanted this famous racer, and it drove the price up. To make this thoroughbred worth the lavish amount, the coupe won the 1956 Tour de France series of events and was among seven with this body by Scaglietti. Many of the top sellers came from the first night's Pinnacle Portfolio, but records continued to be broken over the weekend. Notably, a 1953 Jaguar C-Type Works Lightweight brought $13.2 million to make it the most expensive Jag ever at auction. Also among RM Sotheby's top sellers were a 1950 Ferrari 275S/340 America Barchetta at $7.975 million and a 1952 Jaguar XK120 Supersonic for $2,062,500. Take a look at a few of these special vehicles in the gallery above. HISTORIC FERRARI 250 GT 'TOUR DE FRANCE' LEADS THIRD NIGHT OF RECORD SALES AT RM SOTHEBY'S MONTEREY World's largest collector car auction house concludes three day event with more than $172.7 million in auction and post-auction sales MONTEREY, CALIFORNIA (August 15, 2015) - A historic 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' set a new auction record for the model tonight, selling for an outstanding $13.2 million before another packed house at RM Sotheby's Monterey event. Spurring a lively bidding contest between multiple collectors in the room and on the telephones, the influential Ferrari is the actual car that instituted the 'Tour de France' nomenclature following its overall victory at that legendary race in 1956. The fifth of only seven Scaglietti-bodied first-series competition berlinettas, it was sold new to the Marquis Alfonso de Portago, the flamboyant and daring Spanish driver, who, joined by his close friend Ed Nelson, piloted to car to first place overall at the 1956 Tour de France Auto.