2011 Lincoln Town Car Executive L One Owner Limo Limousine Livery Uber on 2040-cars

Auto blog

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.

Weekly Recap For 5.27.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news for 5.27.16. Acura Lincoln Autoblog Minute Videos Original Video Lincoln Zephyr

Lincoln taps Serena Williams to pitch all-new Navigator

Lincoln is turning to a new star to help it pitch the hot-selling Navigator SUV alongside Matthew McConaughey: Tennis megastar and businesswoman Serena Williams. She'll help pitch the Navigator in a social media campaign that launched Thursday. Lincoln released four short spots that will appear on Lincoln and Williams' social channels. In one, the longest at 41 seconds, Williams recalls buying her first Navigator as a teen and says she's come full circle as a mother. She dubbed the vehicle "Ginger." "Ginger was all white, she had 22s and she had rims," she says in the spot. "I felt like, you know, I was kind of balling in a way. It was like my first huge purchase." Another shows Williams talking on a tennis court about being a mother and how the vehicle functions as a kind of bedroom for her daughter, Olympia, who was born last September. "For me that's what's most important." Like the McConaughey spots before them, the new spots hew to the Lincoln script of mostly not focusing on the vehicle but rather on experiences. (Williams' experiences seem a lot less ethereal than McConaughey's.) View 4 Photos Williams is known for her tennis exploits, having won a record 23 Grand Slam singles titles and four Olympic gold medals. She has fashion deals with Puma and Home Shopping Network and launched her own fashion brand called Aneres. And she operates the Serena Williams Fund to emphasize education and help victims of gun and domestic violence, plus the Williams Sisters Fund, which she launched in 2016 with her sister, Venus. Serena Williams is also a member of the Oath Board of Advisors. Oath is the parent company of Autoblog. "Serena is an amazing athlete who has won 23 Grand Slams, but she also has a family, she has her own clothing line, she sits on major boards, she's philanthropic — she has all these competing demands on her time," Lincoln Group Marketing Manager John Emmert said in a statement. "We know that time is our Navigator client's ultimate luxury as they balance everything in their busy lives, and Serena exemplifies that balance with poise and grace." It's not the first time Williams has endorsed an automotive brand, notes AdAge. Mini featured the tennis star in a Super Bowl ad in 2016. The Navigator is all-new for 2018. It won North American Truck of the Year last month at the Detroit Auto Show. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.