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Ford rakes in record $2.5b profit during Q1 of 2016

Fears that the auto industry is due for a downturn may be fading. Ford posted record profits in the first quarter of 2016, the company announced Thursday. Chief financial officer Bob Shanks said Ford enjoyed its best quarterly performance in history, generating operating profits of $3.8 billion and a record profit margin of 9.8 percent. Overall, the company's $2.5 billion profit in the quarter more than doubled from the 2015 quarterly results. "The first quarter was an absolutely terrific start to the year, an all-time record for the company, with very strong performance across the business," said chief executive officer Mark Fields. "We're excited about our future and confident in our ability to deliver long-term growth and profitability as we expand our business model to be both an auto and a mobility company." During the quarter, Ford announced the creation of Ford Smart Mobility, a new subsidiary that would vet future mobility projects in the realm of car-sharing, fractional ownership and autonomous deployment. The company also kicked off a billion-dollar makeover of its Dearborn, Michigan campus and headquarters. The company's after-tax earnings of $0.68 per share trumped Wall Street's expectations, and were significantly up from $0.39 per share a year ago. The results were buoyed by the company's fourth consecutive quarter of growth in Europe, which comes after a long period of stagnant sales. Ford's earnings results come amid reports that April car sales are on pace to jump 4 percent year over year, which would make it the best-selling April in history. Kelley Blue Book projects that car sales will reach 1.51 million this month, placing the industry on track for 17.5 million vehicles sold in 2016. Even as SUV and crossover sales drive the market, analysts say Nissan and Honda are positioned to benefit from renewed interest in mid-size cars. "Following a disappointing March, we expect sales to get back on track in April with SAAR in the mid-17 million range," said Tim Fleming, analyst for Kelley Blue Book. "Increased fleet sales and rising incentive spending among automakers remain the factors to watch, but the retail demand appears to be holding steady, signaling the industry's strong run isn't over quite yet." Related Video: Image Credit: Getty Earnings/Financials Ford Lincoln 5g Connectivity mobility auto industry financial

2016 Lincoln MKX gets 330-hp EcoBoost V6, new auto braking system

Lincoln has been treading water with the MKX. The crossover's sales were flat in 2014, and its appearance and mechanicals have been largely unchanged since its last redesign in 2011. That changes this fall, when the redesigned 2016 MKX goes on sale in the United States with a more powerful EcoBoost engine, an upgraded cabin and a host of new comfort and safety features designed to make the crossover more competitive and increase its sales. The MKX debuts Tuesday at the Detroit Auto Show, though pictures leaked last weekend. The new vehicle has at least 36 new features compared with the outgoing model, and perhaps the most significant is the addition of the optional twin-turbo 2.7-liter EcoBoost V6, which is expected to make more than 330 horsepower and 370 pound-feet of torque. That's a major jump from the naturally aspirated 3.7-liter V6, which is the only engine option available on the current vehicle. It continues as the standard engine for the 2016 model and is rated at 300 hp and 280 lb-ft. The engines are paired with six-speed automatic transmissions. Front wheel-drive is standard, and all-wheel drive is an option. Lincoln engineers focused on improving the driving character of the new MKX. The chassis is revised, and the rear suspension uses an integral link setup. It's also the first Lincoln to get adaptive steering. The body structure is updated and designed to keep more outside noise from the cabin. "Quietness is luxury," chief engineer Elaine Bannon said. The MKX was also redesigned with a focus on safety. The MKX is among the first Ford Motor Co. vehicles to get a new feature, called pre-collision assist. The technology will warn the driver if it senses a crash is imminent and apply the brakes. The technology is also launching this year on the European version of the Ford Fusion, the Mondeo. Additionally, the MKX gets a 360-degree camera that aids with parking. The camera is mounted behind the Lincoln star badge in the middle of the split-wing grille. It extends to offer a view of up to seven feet around the perimeter of the crossover. Lincoln also added an auto hold feature, which keeps the vehicle from moving when it is sitting in traffic. Lincoln underscored the MKX's new safety and technology with a more dramatic design for 2016. It has a swoopy appearance with fender flares similar to those on the MKC, and it's curvier and more creased than the outgoing MKX.

Preposed class-action lawsuit targets 'defective' MyFord Touch

A national law firm, Hagens Berman Sobol Shapiro LLP, has filed a proposed class action lawsuit whose presupposition is that MyFord Touch is defective. Specifically, the complaint states that the system - as well as the MyLincoln Touch and MyMercury Touch clones - often freeze, fail to respond to voice or touch commands and have issues connecting to mobile phones.
According to Hagens Berman managing partner Steve Berman, MyFord Touch is a theoretically "brilliant idea" that falls short in actual execution. Said Berman in a press release, "In reality, the system is fundamentally flawed, failing to reliably provide functionality, amounting to an inconvenience at best, and a serious safety issue at worst."
Other MFT issues enumerated within the 41-page filing include problems controlling the window defroster, rear-view camera and navigation system. The suit maintains that Ford is aware of the problem but has yet to submit a workable and acceptable solution to MFT customers. Scroll down if you'd like to read the full press release.