Wednesday, 22 May 2013
Home Motor News AutoBlog
AutoBlog
Official: Ford reports 58% drop in Q2 profits on European losses

Filed under: Car Buying, Europe, Ford, Lincoln, Mercury

Ford Motor Company announced Wednesday that it has posted a $1 billion profit for the second quarter of 2012. That sounds like good news for the Blue Oval, until you take into account that Ford posted a $2.4 billion profit for Q2 a year ago. That is a substantial 58 percent loss.

Ford also posted $465 million in international losses, with $404 million of those losses coming directly from Europe. The automaker also increased its European loss projections to $1 billion for 2012, due in large part to the economic crisis overseas, which has resulted in increased unemployment and decreased consumer confidence.

The $404 million loss actually beat out loss projections for this quarter, based on estimates from a month ago. The result was a 1.8 percent increase in Ford's stock, based on pre-market trading this morning.

Ford's North American unit posted a profit of $2 billion in Q2 - the second economic quarter in a row in which the company posted profits in excess of $2 billion.

Additionally, the investor service Moody's returned the Blue Oval's investment grade to its 2006 status. If you recall, that was when the company leveraged nearly everything, allowing it to avoid government bailout. Before this news, Fitch Ratings had restored Ford's investment grade as well.

Continue reading Ford reports 58% drop in Q2 profits on European losses

Ford reports 58% drop in Q2 profits on European losses originally appeared on Autoblog on Wed, 25 Jul 2012 10:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments
 
Spy Shots: Corniche Comeback: New Rolls-Royce coupe spotted testing

Filed under: Spy Photos, Coupe, Rolls-Royce

2014 Rolls-Royce Corniche Coupe Spy Photos

It's been over a decade since Rolls-Royce last offered a Corniche, which was the company's name for its unibody coupe and convertible models since the early 1970s. But from the looks of what our photographers recently snapped in Munich, that drought may soon be over.

What they've spied is the 2014 Rolls-Royce Corniche coupe, a forthcoming model based on the Rolls-Royce Ghost. Never mind the fake door handles and rear doors on the test mules, the production Corniche will have just two suicide doors like its big brother the Phantom coupe.

Powertrain will probably be carried over from the Ghost sedan, meaning a 6.6-liter V12. We suspect that BMW will roll out its new Roller at the Frankfurt Motor Show in 2013. Until then, our spies will keep their eyes open for more prototypes, including the oft-rumored convertible.

Corniche Comeback: New Rolls-Royce coupe spotted testing originally appeared on Autoblog on Wed, 25 Jul 2012 10:13:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments
 
Report: Carroll Shelby's wife, family finally agree to burial

Filed under: Etc., Government/Legal, Celebrities



The Detroit News reports Carroll Shelby will finally be buried some two months after his death. Two factions of the legendary designer's family have finally settled on what do with his remains.

One one side, Shelby's children claimed he wanted his remains cremated and divided between them and a plot in Texas. His surviving wife, Cleo Shelby, said the document detailing those wishes was a forgery, and that Carroll Shelby had actually signed different paperwork two years ago giving her control over his remains. The two parties lawyered up, but earlier this week said that they were close to reaching a settlement that would prevent a civil trial.

The agreement will see Shelby cremated and his ashes split five ways, with the final portion going to his wife. Shelby's oldest son, Michael, says he and his siblings aren't happy with the arrangement, but are eager to finally bury their father.

We just hope we die long before we're famous.

Carroll Shelby's wife, family finally agree to burial originally appeared on Autoblog on Wed, 25 Jul 2012 12:46:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments
 
First Drive: 2013 Mercedes-Benz GL450 [w/video]

Filed under: SUV, Mercedes-Benz, First Drives, Luxury

Honing The Arrow's Luxury Leviathan

2013 Mercedes-Benz GL450

It's a wonder luxury SUVs survived the mass extinction event of the 2007-2009 recession at all. As investment accounts withered on the vine and fuel prices comfortably boiled past the underside of $5.00 per gallon in some places, chicken-little minded Cadillac Escalade and Lincoln Navigator owners couldn't have tossed their keys any quicker if you'd told them the fobs were hewn from chunks of raw BPA by pro-choice Iraqi gay-rights activists. Those shining symbols of status and accomplishment transmuted into social millstones overnight, and used car lots quickly piled up with row after row of models boasting 22-inch wheels and seating for seven.

But the full-size luxury SUV and its brethren didn't vanish from the face of the Earth. Far from it. Clever product planners and marketing managers quickly worked to repackage everything buyers loved about their oil-field-sucking family haulers into new, modestly more efficient and socially acceptable packages. Thus began the reign of the crossover. Mercedes-Benz became something of an artisan in this field, and its efforts have been well rewarded. Last year, the company sold more light trucks alone than it did all of its models combined in 2005.

At the top of that high-riding food chain is the GL-Class. The mammoth utility services the company's youngest average buyer at 48 years old and recently eclipsed the aforementioned Escalade as the most popular full-size luxury SUV in the States. For 2013, the GL has grown in every measurable dimension, offers subtly more fuel-efficient drivetrain options and a rash of standard and available technology, all supported by a miracle-working air-ride suspension. The changes are enough to put the GL that much farther ahead of the ancient Cadillac, but the recipe isn't perfect.

Continue reading 2013 Mercedes-Benz GL450 [w/video]

2013 Mercedes-Benz GL450 [w/video] originally appeared on Autoblog on Wed, 25 Jul 2012 11:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments
 
Report: NASCAR suspends driver indefinitely after positive drug test

Filed under: Motorsports, Celebrities, Racing



NASCAR has indefinitely suspended Penske Racing driver AJ Allmendinger after a second drug test confirmed the presence of "a banned substance" in his system. Race officials have not clarified exactly which substance was found in Allmendinger's urine samples, but a spokesperson for the driver said he has contracted an independent lab to test the products he uses on a regular basis to see if there's a reason behind the positive result. The Allmendinger camp says the results were within nanograms of accepted parameters, though NASCAR has declined to comment on the levels themselves.

Meanwhile, the driver took to Twitter to assure fans that he "will do whatever it takes to get to the bottom of this and get back out there no matter what." Previously, Allmendinger had tested positive for a stimulant back in June and was temporarily suspended on July 7, but denies knowingly taking any banned substances.

At this juncture, Allmendinger will only be reinstated as a driver once he completes a "Road to Recovery" program. NASCAR will issue a letter on that program, and the driver will have to agree to those terms in order to take part.

In the interim, Sam Hornish, Jr. will take Allmendinger's seat at Indianapolis for the next race.

NASCAR suspends driver indefinitely after positive drug test originally appeared on Autoblog on Wed, 25 Jul 2012 11:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments
 
«StartPrev12345678910NextEnd»

Page 2 of 189