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Ford Motor Co posted stronger-than-expected quarterly earnings and said it was on track for “solid profits” in 2010 and higher profits in 2011, sending its shares up 4 percent in premarket trade.
Second-quarter net profit rose to $2.6 billion from $2.26 billion a year earlier. Earnings per share fell to 61 cents from 69 cents due to an increase in outstanding shares. Revenue was $31.3 billion, up $4.5 billion.
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The new Ford Explorer is set to be revealed Monday in Millennium Park at an event where Ford executives are expected to tout the new jobs the vehicle’s production will bring to the Chicago area.
The new vehicle will be produced in the company’s South Side assembly plant, bringing 1,200 jobs and essentially doubling the workforce at the plant by adding a second shift. In addition, more than 100 companies in 23 states are ramping up to produce parts and components for the new Explorer. Get the full story »
The 2011 Ford Edge shown at the Chicago Auto Show. (Tribune)
Ford Motor Co. said Wednesday that the 2011 Ford Edge Sport — the high-performance version of the Edge, which is one of the country’s top-selling mid-size crossovers — will have the same engine as the Mustang sports car — a 305-horsepower V-6.
Ford stressed that the 2011 Edge Sport will have the same fuel economy as the current version, which gets 20 miles per gallon on the front-wheel-drive version. That’s because the engine is more efficient and Ford has made other fuel-saving changes, including improving the vehicle’s aerodynamics and lowering the idle speed.
From Automotive News | Damage from Hurricane Alex is delaying delivery of the much-anticipated Ford Fiesta to U.S. dealerships by up to two weeks. Ford doesn’t expect much fallout, however, because of heavy orders for the subcompact.
A host of mystery shoppers sent to critique dealerships across the country gave luxury brands such as Mercedes-Benz and Lexus high marks and put Ford and Lincoln above the industry average.
The study of dealerships, released Monday, also found that fewer salespeople offer vehicle brochures that customers can take home. Only 57 percent of dealerships offer brochures, compared with 62 percent in 2007. Get the full story »
While sales of cars and trucks in the U.S. continue to be more sluggish than expected, automakers – especially the Detroit Three — are seeing the largest increase in average transaction prices in more than five years.
Industrywide, consumers spent an estimated average of $29,217 on a new car or truck from January through May, an increase of $1,057, or 3.7 percent, from last year, according to estimates provided by Edmunds.com. Edmunds’ estimate is based on a sampling of data from about 40 percent of U.S. dealers. Get the full story »
From the Wall Street Journal | Chrysler is recalling 22,118 2010 Dodge Nitro, Dodge Ram, Jeep Liberty and Jeep Wrangler trucks and SUVs over a potential brake defect.
And Ford is recalling 33,728 2010 Transit Connect vans to replace pushpins holding up the cabin headliners.
President Barack Obama is scheduled to unveil a report Wednesday showing the U.S. is on track to double exports in the next five years and name the chief executives of United Parcel Services Inc., Walt Disney Co., Pfizer Inc. and other firms to a presidential advisory board on trade issues.
Other large, publicly trade companies that will be represented on the council include Metlife Inc., UAL Corp., Dow Chemical Co. , Ford Motor Co. , Verizon Communications Inc. and Archer Daniels Midland Co. Get the full story »
Ford Motor Co. sold a record 301,524 vehicles in China during the first six months of the year, up 53 percent from the same period in 2009, the company said. The Dearborn, Michigan, automaker said its passenger car joint venture, Changan Ford Mazda Automobile, sold a record 205,563 vehicles, up 46 percent for the six-month period. Its commercial vehicle venture, Jiangling Motors Corp., sold 88,363 vehicles, also a record.
Most automakers saw their U.S. sales drop from May to June, a sign that this year’s slow recovery in the industry may be stalling.
Americans are delaying big-ticket purchases because they’re worried about their jobs in a period of high unemployment. Nervous consumers could mean a tough summer for automakers, which hope to improve sales after a dismal 2009. Get the full story »
General Motors Co. is looking to boost auto sales by lining up banks and other financial institutions to make loans and lease deals for buyers with poor credit.
The talks lessen the likelihood of GM trying to buy the auto finance business from Ally Financial Inc., its main lender. They also make it less likely that GM would start its own auto financing unit. Get the full story »
Cadillac it will offer buyers of 2011 vehicles free regular service for four years after purchase or for the first 50,000 miles.
The Cadillac Premium Care Maintenance program covers oil changes, tire rotations, filter changes and vehicle inspections. The first 2011 Cadillacs arrive at dealerships in late summer.
The move by Cadillac, which is owned by General Motors, follows a similar program announced last week by Ford for its Lincoln brand.
Ford Motor Co. is counting on a leaner and greener makeover of its Explorer to find new buyers for a once hot-selling sport utility vehicle that powered the automaker’s profits a decade ago. Get the full story »
Ford Motor Co. (F) will provide free maintenance for customers who purchase or lease new Lincoln vehicles this summer, an offer that comes on the heels of the automaker’s announcement that it will expand the brand’s lineup.
The offer covers 2010 and 2011 Lincolns purchased in the U.S. Get the full story »
