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Quitting Mexico factory helps bring down Ford earnings $200 million in 2016

Ford released its 2016 earnings report this morning, and despite a fourth quarter net loss it proved to be the automaker's second most successful year ever, following record breaking numbers in 2015. Losses for the year come from a number of sources, including accounting changes and a $200 million hit for backing out of the small-car factory in San Luis Potosi, Mexico. Despite the loss, come March 9 about 56,000 UAW-represented employees will receive a $9,000 profit-sharing check. That, like most of Ford's other 2016 metrics, is slightly down from the year before, but it's still the second best profit-sharing payment ever. Total net income was $4.6 billion, down $2.8 billion from 2015. Total revenue for 2016 was $151.8 billion, up $2.2 billion. Ford's earnings report lists a global market share of 7.6 percent, down a tenth from 2015. Ford's European and Asia-Pacific markets posted their best and second best pre-tax profits respectively. The South American, Middle East, and African markets all took hits because of unstable economies and other external factors. Ford expects to have another down year in 2017 as it invests in new and emerging markets and focuses more on its mobility projects.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Ford via Automotive NewsImage Credit: Getty Earnings/Financials Plants/Manufacturing UAW/Unions Ford Lincoln Mexico ford earnings

Junkyard Gem: 1995 Lincoln Mark VIII

Except for a pause during the 1960s, the Lincoln Mark Series of personal luxury cars stayed in production from the 1956 through 1998 model years. These were big, swanky machines loaded with the latest in gadgetry and — other than the handful of 1984-1985 Mark VIIs with BMW diesel linline-sixes — they cruised with great opulence on American highways courtesy of powerful V8 engines. The very last generation of the series, the Mark VIII, boasted a spaceship-style interior, slick body lines, and a sophisticated dual-overhead-cam version of Ford's Modular V8 engine. Here's a 1995 in Deep Jewel Green Metallic paint, photographed in a Colorado self-service yard. I've documented examples of the Lincoln Mark II through Mark VI while performing my car-graveyard studies, and the Mark VIII's distinctive wraparound cockpit makes most of its predecessors look cheap and stodgy by comparison.  The four-valves-per-cylinder version of Ford's rugged 4.6-liter Modular V8 made 280 horsepower in the Mark VIII, just two fewer horses than the V8 in BMW's 840Ci coupe that year. The Mercedes-Benz S500 coupe had a 315-hp V8 that year, while the Lexus SC 400's V8 made a mere 250 horsepower. The BMW cost $69,900, the Mercedes-Benz had a $91,900 price tag, and the SC 400 went for $47,500 — the Mark VIII could be purchased for just $38,800 that year. That's about $66,300 in 2019 dollars. Of course, the Cadillac Eldorado coupe was the real competition for the Mark VIII in 1995, and the unfortunately-named ETC (Eldorado Touring Coupe) came with a 300-horse DOHC Northstar V8 (admittedly, driving the front wheels) and a dignified wood-trimmed interior. At $41,535, though, the Cadillac had a higher base price than the Lincoln. I think this one was pretty clean, prior to getting banged up in the junkyard, and 140,905 miles seems low for a flagship Ford of the era. Perhaps it got too many unpaid parking tickets, or maybe that complex DOHC engine developed some expensive problem. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Tempted? Featured Gallery Junked 1995 Lincoln Mark VIII View 17 Photos Auto News Lincoln Automotive History

Slew of Ford recalls affect more than a million vehicles

Ford is closing out September with the sad task of alerting owners to five different recalls, two of them camera related. The first is a safety compliance recall affecting 620,246 units of 12 models from the 2020 model year: Edge, Escape, Expedition, Explorer, F-150 and Super Duty, Mustang, Ranger, and Transit, plus the Lincoln Corsair, MKX, and Nautilus. On these vehicles, the circuit board in the rearview camera suffers from insufficient electrical conductivity. The issue can cause the resulting image to not appear or to be distorted, which can lead to an accident while reversing. Ford will begin notifying owners as of November 7 to get their vehicles to dealers for replacement of the rearview camera. The internal Ford reference for this recall is 20C19. The second camera-related issue affects the 2020 and 2021 Ford Explorer, Lincoln Corsair and Lincoln Aviator with the 360-degree camera. Technically, if you own a 2021 Explorer that only has a rearview camera and not a 360-degree camera, neither the above recall nor this one apply to you, but it's probably better safe than sorry here. There are 354,330 crossovers covered by this action. A video output issue could cause the displayed image to cut out, increasing the chances of a reversing accident. Ford will notify dealers starting October 7, the fix being to have a dealer update the Image Processing Module software. The NHTSA campaign number for this recall is 21V735, Ford’s internal reference number is 21S44.  The F-250 and F-350 Super Duty are in for another recalls thanks to potentially improper welds on the front axle's wheel end yoke. A bad weld could alter steering performance, getting the truck to pull left or right, or change the sensitivity of the steering. There are 9,628 affected trucks in the U.S. and 961 in Canada. Dealers will replace the axle assembly if any bad welds are found. Ford's reference number for this is 20S56. The fourth recall affects 38,005 Mustangs in the U.S. and another 2,873 Mustangs in Canada and Mexico from the 2020 model year. In this instance, the brake pedal bracket might fracture during sudden stopping, which can decrease brake pressure and increase the chances of an accident. Ford's internal reference for this recall is 20S52, the fix being to have a dealer replace the brake pedal bracket assembly. Finally, 126,033 units of the 2011 to 2013 Explorer are being recalled over a potential suspension issue.