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Ford Model e losing billions as it says EV unit should be seen as startup

DETROIT — Ford Motor Co.'s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting financial results. The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units. Company officials said the electric vehicle unit, called “Ford Model e,” will be profitable before taxes by late 2026 with an 8% pretax profit margin. But they wouldn't say exactly when it's expected to start making money. Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford. “As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share,” he said. Model e, he said, is working on second- and even third-generation electric vehicles. It currently offers three EVs for sale in the U.S.: the Mustang Mach E SUV, the F-150 Lightning pickup and an electric Transit commercial van. The new corporate reporting system, Lawler said, is designed to give investors more transparency than the old system of reporting results by geographic regions. The automaker calculated earnings for each of the three units during the past two calendar years. Model e had pretax losses of $900 million in 2021 and $2.1 billion last year, and it is expected to lose $3 billion this year. In the past two years Ford has announced it would build four new battery factories and a new vehicle assembly plant as well as spending heavily to acquire raw materials to build electric vehicles. By the end of this year, the company based in Dearborn, Michigan, expects to be building electric vehicles at a rate of 600,000 per year, reaching a rate of 2 million per year by the end of 2026. Ford Blue, the unit that sells internal combustion and gas-electric hybrid vehicles, made just over $10 billion before taxes during the last two years. Ford Pro, the commercial vehicle unit, made $5.9 billion during those years, the company said. For this year, Ford expects Ford Blue to post a $7 billion pretax profit, modestly better than last year. Ford Pro is expected to earn $6 billion before taxes, nearly double its earnings last year, Lawler said. Ford was to present the new structure, announced last March, to analysts and investors on Thursday.

Lincoln previews new Navigator with illuminated grille, new interior

While it's not the best-selling Lincoln, the Navigator stands proud as the company's flagship and one of its most important models in terms of image. The current-generation SUV made its debut for 2018, and it will soon receive what sounds like a round of far-reaching updates. Full details about the new-look Navigator aren't available yet, but a short preview video published by Lincoln gives us several hints. We already know that the front end gets a redesigned grille that's seemingly wider, and the teaser confirms that the central slat and the Lincoln emblem will be illuminated. Earlier spy shots suggest that the big SUV's overall proportions won't significantly change, however. Another detail revealed by the video is that the updated Navigator receives a redesigned interior. In the current model, the ignition button is located on the right side of the steering column (near where you'd expect to find the ignition barrel in an older car) and the buttons used to shift the transmission into gear are below the air vents on the center stack. In the updated SUV, the ignition button and the piano key-like shift buttons are on the center console. The steering wheel gets a cleaner-looking design, and it looks like the dashboard is new as well. There's no word on what's under the hood. For 2024, the Navigator comes with a 3.5-liter V6 that's twin-turbocharged to 440 horsepower and 510 pound-feet of torque. It spins the four wheels via a 10-speed automatic transmission. Rear-wheel-drive is no longer offered. An unverified report claims a hybrid system will join the portfolio; the 10-speed automatic was developed with electrification in mind, after all. Lincoln will unveil the Navigator on August 15, and the model should land on dealer lots for the 2025 model year. The Ford Expedition that the Navigator is closely related to is expected to receive a major round of visual and tech updates for the 2025 model year as well.

Bentley designer calls Lincoln Continental concept a Flying Spur 'copy' [w/poll]

When you first laid eyes on the new Lincoln Continental concept, we'd wager you were likely impressed, because it's an impressive design. But if you also thought it looked familiar, you're in good company. According to Car Design News, design chief Luc Donckerwolke over at Bentley thinks the Lincoln concept bears more than a passing resemblance to another Continental: Bentley's own Flying Spur. "This behavior is not respectable. Building a copy like this is giving a bad name to the car design world," Donckerwolke told CDN, after posting some disparaging comments on Facebook and offering in jest to send over the tooling. "It is very disappointing, especially for an exclusive brand like Lincoln," added Sangyup Lee, his deputy for exterior design. The irony is further entrenched by the name, which Bentley only dropped from its Flying Spur in its latest iteration but still uses for the coupe and convertible models. Both automakers have a deeply routed history with the nameplate, but Lincoln's stretches back further, having first used the handle in 1939 before Bentley did in 1952. However it's not the nameplate that's the subject of controversy here, rather the design of the vehicle to which it's applied. So what do you think, did Lincoln borrow too heavily from its British counterpart? Related Video: