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Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.

2021 Lincoln Corsair Grand Touring brings plug-in hybrid tech to the small crossover

LOS ANGELES — When the new Ford Escape and Lincoln Corsair were launched, the Corsair was strangely lacking a hybrid variant like the cheaper Ford. The reason for this is that Lincoln was preparing a slightly more advanced hybrid for the small luxury crossover. The 2021 Lincoln Corsair Grand Touring elevates itself over the Ford by bringing plug-in capability and a different kind of all-wheel drive. At the front of the Corsair, the powertrain is the same as the Ford Escape. It's a naturally aspirated 2.5-liter inline-4 and an electric motor powering the front wheels. But at the back, Lincoln has added another electric motor with a single-speed transmission to power the rear wheels, just like Toyota has been doing in the all-wheel-drive versions of the Toyota Prius, RAV4 Hybrid and Lexus UX250h. In addition to giving the Corsair four driven wheels, it brings total horsepower up to 266 ponies, an increase of 66 over the Ford. Having this rear motor opens up lots of freedom for how much power is given to the rear wheels, and a Lincoln representative said that the rear can go into a coasting or free-wheeling state when cruising for efficiency. Supplying electricity to the Corsair Grand Touring is a floor-mounted 14.4-kWh battery pack. Lincoln estimates it will provide enough power for the Corsair to drive about 26 miles on a charge. Neither the battery nor the rear motor take up any interior space, so rear passenger and cargo capacity remain the same as the regular Corsair. Charging can be done at Level 1 or Level 2 chargers, with the former taking 10 to 11 hours and the latter taking 3 to 4 hours. DC fast charging is not available, something that's featured on the Mitsubishi Outlander PHEV. Hybrid mechanical bits aside, the Corsair Grand Touring is just like any other Corsair. The only indicators that it's a hybrid are the unique grille, 20-inch wheels, blue badging and additional door for the charging plug. The Grand Touring comes standard with Lincoln's cell-phone key system, automatic emergency braking, blind-spot monitoring, lane-keep assist and automatic high-beams. Automatic parking, a head-up display and adaptive cruise control are all options. Pricing hasn't been announced yet, but will likely revealed closer to the on-sale date in the summer of 2020. Looking at the price structure for the Aviator, which also has a Grand Touring plug-in hybrid variant, the Corsair Grand Touring could be priced above the current range-topping Reserve trim.

Ford recalling 205k Edge and Lincoln MKX units for possible corrosion

After the horrible weather last winter, it's hard to look forward for the season to return this year. For those readers in much of the country, the snow is going to be flying soon, and with it comes salt on the roads. That means Ford's regional recall for the 2007-2008 Edge and Lincoln MKX arrives at the perfect time because they are at risk for corrosion.
The campaign covers 204,448 examples of the models in 21 states, plus the District of Columbia and some provinces of Canada. In total there are 186,024 vehicles in need of repair in the US and 18,424 in Canada.
According to Ford, it's possible for the area, "under the reinforcement brackets where the fuel tank is mounted" to corrode. If this happens, there might be a gas smell in the vehicle or even a fuel leak could develop. In fact, the automaker reports that one fire could be related to the problem but no injuries or accidents are reported.