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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

Ford recalls 9,900 vehicles across two campaigns

Ford is recalling a total of 9,885 vehicles in two campaigns. The Basics: In one recall, Ford will recall 9,017 examples of the 2013 Escape with build dates from January 11, 2012, to April 1, 2013, and the 2013-2014 Focus ST produced between May 3, 2012, and October 14, 2013. The Problem: Splices in the engine wiring harness might not have enough compression, and this can cause the manifold absolute pressure sensor to send incorrect signals to the powertrain control module. This issue could cause the engine to stall. Injuries/Deaths: None reported. The Fix: Dealers will replace the current crimped splices with new splices, according to the National Highway Traffic Safety Administration. If You Own One: The repair campaign will begin on January 4, 2016. More Information: Ford recalled the 2013 Escape and Focus ST in August 2014 for the same problem, and this is an expansion of that campaign, according to company spokesperson John Cangany to Autoblog. The Basics: In the smaller of the two campaigns, Ford will recall 868 examples of the 2013 Explorer, Explorer Police Utility, Taurus, Taurus Police Interceptor, Flex, Lincoln MKS, and MKT. The Problem: The fuel delivery module can crack, which would cause a fuel leak. Injuries/Deaths: None reported. The Fix: Dealers will replace the fuel delivery module. If You Own One: Owners should receive notice soon because NHTSA's report says the recall begins in December. More Information: According to Cangany, this recall is an expansion of a campaign from 2013 for these vehicles. RECALL Subject : Engine Wiring Splices may cause Stall Report Receipt Date: DEC 02, 2015 NHTSA Campaign Number: 15V813000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 9,017 All Products Associated with this Recall Vehicle Make Model Model Year(s) FORD ESCAPE 2013 FORD FOCUS 2013-2014 Details Manufacturer: Ford Motor Company SUMMARY: Ford Motor Company (Ford) is recalling certain model year 2013 Escape vehicles manufactured January 11, 2012, to April 1, 2013, and 2013-2014 Focus ST vehicles manufactured May 03, 2012, to October 14, 2013. Insufficient compression in the engine wiring harness splices to the Manifold Absolute Pressure (MAP) sensor may provide incorrect signals to the powertrain control module (PCM). CONSEQUENCE: The incorrect signals could cause the vehicle to hesitate or the engine to stall, increasing the risk of a crash.

Cars with the worst resale value in 2022

Car values are all over the map right now. Used vehicles that were worth a small fortune earlier this year are now coming back to Earth, but the new vehicle supply remains tight. Prices are still elevated overall, but some models have seen more severe price drops. Depreciation strikes almost every model, supply constraint or not, though a few vehicles are leading the way. New research from analytics iSeeCars found that a handful of cars depreciated more than 50 percent over five years, with the BMW 7 Series dropping 56.9 percent and an average price cut of $61,923 over that time. The vehicles with the highest depreciation — or worst resale value — over five years: BMW 7 Series: -56.9% Maserati Ghibli: -56.3% Jaguar XF: -54% Infiniti QX80: -52.6% Cadillac Escalade ESV: 52.3% Mercedes-Benz S-Class: 51.9% Lincoln Navigator: -51.9% Audi A6: -51.5% Volvo S90: -51.4% Ford Expedition: -50.7% iSeeCarsÂ’ research showed that midsize trucks, sports cars, and fuel-efficient vehicles were slowest to depreciate over five years, while itÂ’s clear that luxury brands tend to lose value much faster. As iSeeCarsÂ’ Executive Analyst Karl Brauer explained, used buyers donÂ’t value high-end vehiclesÂ’ features as much as the first owners, so resale values tend to be softer. The tech and options that made the cars so expensive and appealing new donÂ’t add the same value on the used market. Read more: Cars with the best resale value Interestingly, electric vehicles also depreciated quite heavily, though they were just short of the abysmal numbers in luxury segments. The Nissan Leaf depreciated most among EVs, dropping by 49.1 percent. The average EV depreciation is 44.2 percent, with the Tesla Model S and Model X sliding in right under the bar at 43.7 and 38.8 percent, respectively. As iSeeCars notes, itÂ’s important to be vigilant when car shopping and not let your emotions win over reason. Shiny new luxury cars look great in the showroom, but you could end up taking a bath when you try selling them a few years later on. Related video: Audi BMW Cadillac Ford Infiniti Jaguar Lincoln Maserati Mercedes-Benz Volvo Car Buying Used Car Buying Ownership Resale Value depreciation