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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

Ford's China sales keep falling, down 30% in third quarter

BEIJING — Ford's July-to-September vehicle sales in China fell 30%, as the U.S. automaker continued to lose ground in a prolonged sales decline in its second biggest market. The Dearborn, Michigan-based automaker delivered 131,060 vehicles in China in the third quarter, Ford said in a statement. Ford's sales in China fell 35.8% in the first quarter and by 21.7% in the second quarter. In the third quarter, sales of the automaker's mass-market Ford brand fell 37.7%, while its luxury division Lincoln saw sales drop by 24.1%. It delivered around 421,000 vehicles in the first nine months of the year, according to Reuters calculations. Ford has been struggling to revive sales in China after its business began slumping in late 2017. Sales sank 37 percent in 2018, after a 6 percent decline in 2017. The automaker plans to launch more than 30 new models in China over the next three years, of which more than a third will be electric vehicles. It also said it would localize management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners. Ford has launched a series of new models in the third quarter in China, including Focus, Edge, and the electric Territory. In China, Ford makes cars through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors. It has said it would partner with Zotye Automobile Co to sell lower-priced cars, but there seems to have been little progress. In a series of moves, Ford named a new president for its main local venture, Changan Ford, in August and said it would enhance its partnership with Changan through research, production and marketing cooperation in September. Ford is also planning to revamp some of its existing manufacturing facilities with Changan to localize production of its premium brand Lincoln. Changan Ford's sales down by around 33.5% in the third quarter, according to Reuters calculations based on Changan's filings. Ford rival General Motors' July-to-September vehicle sales in China fell 17.5%, to 689,531 vehicles. As GM and Ford China sales extend declines, U.S. car companies' market share of total China passenger vehicle sales fell to 9.5% in the first eight months of this year, from 10.7% in the year-ago period, according to the China Association of Automobile Manufacturers (CAAM). Over the same period, German carmakers' share has risen to 23.8% from 21.6%, and Japanese automakers' share rose to 21.7% from 18.3%.

Junkyard Gem: 1986 Lincoln Town Car

Ford's Lincoln Division applied the Town Car name (originally the Anglicized name for a coupe de ville horse-drawn carriage) to new cars beginning with the 1959 Continental, but it wasn't until the 1981 model year that the Town Car became a Lincoln model in its own right (earlier Town Cars were Continentals). Those boxy, sharp-edged Town Cars were built throughout the remainder of the 1980s and sold well, but they're almost extinct today. Here's one of those cars, found in a Denver-area self-service yard recently. The Town Car was built from the 1981 through 2011 model years, with a complete redesign for 1990 that kept the same chassis but added a less angular body and rear air suspension. In 1998, the Town Car got the full "whale" body treatment seen on its Ford Crown Victoria and Mercury Grand Marquis siblings, and production of that version continued until the end. In China, Hongqi built a version badged as the CA7460 Qijian. All 1981-2011 Town Cars lived on the versatile and sturdy body-on-frame Panther platform. For a 1970s design, the Panther stayed relevant for a surprisingly long time. This car was closely related to the Ford LTD Crown Victoria and Mercury Grand Marquis, not to mention the Continental Mark VI. The interior is full of "wood-tone appliques" and the gauges come straight from mid-1970s Lincoln-Mercury products. These "twin comfort lounge" seats were just as comfy as they look here, and the Nearly Velour™ fabric just needs a cleaning to be in like-new condition. Of course, the optional Cartier package had much classier upholstery. You'll find one in every car. You'll see. Every 1980s Town Car had some sort of padded vinyl roof as standard equipment. This roof has not fared well beneath the Colorado sun. It's a shame that opera lights have gone out of fashion. Every 1981-1990 Town Car got a 302-cubic-inch (5.0-liter) Windsor V8 under the hood. 1986 was the first year that electronic fuel injection replaced carburetors in the Town Car; this engine was rated at 150 horsepower and 270 pound-feet. The jarring mashup of typefaces on the HVAC and radio controls of mid-1980s Fords always makes me uncomfortable. This car has the optional "wire-style" hubcaps, which cost an extra $341 (about $920 in 2022 dollars). Several flavors of aluminum wheels were available on the '86 Town Car, but no true wire wheels. The MSRP on this car was $20,764, or about $56,130 today. The Cartier Edition would set you back $25,235 ($68,215 now).