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Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Tesla offered nuclear plant in France, and more | Autoblog Minute

Longtime GM design chief Ed Welburn retires, Lincoln says it has high customer interest in Continental, and could Tesla build the Model 3 in France? Senior Editor Greg Migliore reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] General Motors' long time Vice President of design, Ed Welburn, announced his retirement this week. He joined GM in 1972 and he's just the sixth design chief in GM's 108 years. He's being replaced by Michael Simcoe who is Vice President of design for GM's international operations. Now Ed Welburn's time at GM dates back to when he was 11 years old. He wrote a letter to the company saying he wanted to be a designer. [00:00:30] Someone at General Motors got back to him and the rest is history. Lincoln already has 40,000 hand raisers for the new Continental. Now those aren't Tesla figures but it's still a very healthy number and shows a lot of interest for its new flagship sedan. The Continental will replace the MKS in Lincoln's lineup. Continental will be in showrooms this fall and it will offer a 3.0L V6 twin-turbo with 400 HP. Lincoln President Kumar Galhotra said, "No other Lincoln vehicle has [00:01:00] generated this much interest in this little time." This week in Tesla news, Reuters reports that a French government official has offered Elon Musk the site of a an old nuclear reactor to build a car factory. The reactor, which is located in the Alsace region of France, is set to close at the end of this year. Now this notion is not that far fetched. Musk says that he would consider it. Meanwhile demand for the Model 3 continues to be strong and has attracted hundreds of thousands of hand raisers. [00:01:30] Those are the highlights form the week that was. Be sure to come back this Saturday for my full recap where I'll have additional insights into the automotive industry. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Lincoln Tesla Autoblog Minute Videos Original Video

World's dumbest carjackers livestream themselves committing crime

Warrants were issued Monday for a trio of Cleveland carjackers who, after beating up a limo driver and stealing his car, livestreamed themselves joyriding around the city in the stolen limo. According to Cleveland.com, Brandon Lynch, a limo driver and National Guardsman, drove a couple in a hired limo from New Philadelphia, Ohio to Cleveland for game one of the Indians/Red Sox AL Divisional Series last Thursday. After dropping off his passengers at Progressive Field, he drove the stretched 2001 Lincoln to a McDonalds at Carnegie Avenue and East 30th to grab a bite and wait for the game to end. After finishing his dinner in the car, Lynch stepped out for a breath of fresh air in the parking lot when he was approached by three young men on bicycles. One of them asked Lynch if he could take them through the drive-through in the limo. "I laughed at first because I thought they were kidding," Lynch told the website. "I can't just drive someone in the limo." Lynch said no, and that's when the trio jumped him. During the scuffle the three youths choked Lynch out, punched and kicked him in the head. They then rifled through his pockets and made off in the limo. The next day, a young Cleveland resident named Jessee Varner fired up Facebook live and filmed himself and his two accomplices–Ty'Juan Philpot and Norman Henry–reenacting every 90's hip-hop video ever made from inside the stolen Lincoln. During the video they drove around town, smoke some weed, drank some 40 ounce beers, stuck their heads out of the sunroof, and generally made a nuisance of themselves while posting the evidence online. Eventually they crashed the car and fled the scene. Using evidence from the video and from DNA samples collected from a bicycle at the scene of the crime, Cleveland Police issued warrants for their arrest. The three criminal masterminds, who are well known to Cleveland's law enforcement community, remain at large. Despite a bad concussion and the loss of his car, Lynch is looking on the bright side of things. "The Indians won, so it wasn't all bad!" he said. Recent Video: News Source: Cleveland.com Auto News Humor Weird Car News Lincoln Commercial Vehicles limo carjacking cleveland