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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

Lincoln MKC prototype spied out testing

As was the case with the Lincoln MKZ, it appears that Lincoln isn't wasting any time getting its newest model transformed from concept to production form. We just saw the MKC Concept earlier this year at the Detroit Auto Show, and based on these spy shots, it looks like the final touches are being put in place for the 2014 Lincoln MKC crossover.
Sharing its platform with the Ford Escape, we can definitely see some similarities between these two compact crossovers when it comes to the roofline and daylight opening, but through the heavy camouflage, Lincoln's signature split-wing grille can easily be seen and it looks like the concept's taillights will also make it to reality. On the disappointing side, it looks like the integrated exhaust outlets are being ditched for some round outlets, and we can't tell if the production version will keep the Audi-like clamshell rear liftgate.

2022 Lincoln Corsair starts at $37,300

A week ago, we posted on price increases and reductions Ford applied to the 2022 Escape. Ford Authority reveals that automaker money men have been working similar equations on MSRPs for the Escape's platform mate, the 2022 Lincoln Corsair. Similar to what was done with the Escape, the Corsair sees a small increase on one of the lower trims and reductions on the upper trims. The discounts are offset slightly by the destination charge going up by $100, from $1,095 to $1,195. The entry-level, front-wheel-drive Corsair only goes up by that higher destination charge, its MSRP sticking at $36,105 and coming to $37,300 after destination. Sending power to the rear wheels raises the price by $200, half of that in the MSRP, totaling $39,600.    The Corsair Reserve with front-wheel drive comes down by $2,125, to $42,020. Opting for all-wheel drive shaves the discount a tad to $2,025, for a total of $44,320. This is no freebie, the reduction coming thanks to product planners removing the 14-speaker Reveal Audio System from the list of standard equipment. Putting that stereo back into the Reveal will cost $3,300, but that price is the result of combining options packages so it does include extra equipment. Audiophiles need to choose the Luxury Package, which costs $2,200; however, in order to get the Luxury, they'll also need to choose the $1,100 Elements package, a cold-weather group with features like a heated steering wheel and seats, and windshield wiper de-icer.    Note, at the time of writing, the Corsair Reserve configurator is a little confusing. It still lists the "Revel Audio System with 14-Speakers including Subwoofer" as standard under the Radio Type tab. Under Audio Upgrade, it lists "Lincoln Premium Audio System with 14-Speakers Including Subwoofer," and wants to charge $3,300 for that. This is backward. The Lincoln Premium Audio is a 10-speaker system, and it's the one that comes standard in 2022.  The Corsair Grand Touring, which only comes with all-wheel drive, drops $60 on MSRP but overall climbs by $40 with the destination charge, to $51,525. The Corsair, like the Escape, is due for a refresh for the 2023 model year that could bring a new powertrain besides the expected interior revisions. A brand new Escape/Corsair duo has been predicted for 2025. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.