Ford had a good second quarter with earnings of 40 cents a share, and it topped analyst expectations of 36 cents something will not be overlooked on Wall Street. Pre-tax profit rose $44 million compared with a year ago coming in at $2.6 billion and Ford said it rang up a record quarterly profit here in North America.
Ford’s Vice President of Engineering, Kumar Galhotra, will take over the Lincoln brand on September first. He will replace Jim Farley who will remain as global marketing chief. While Lincoln sales are up in the first half of the year, its total numbers still trail those of rival Cadillac.
GM meanwhile, announced six new recalls and none are related to ignition switch problems. The largest recall involves power height adjustable front seats in Camaros, Equinox, Terrain, Regal, LaCrosse and SRX models. In all the recalls involve 717,949 vehicles. The company said it is bringing “new rigor and discipline” to its decision making. “If we identify an issue – large or small – that might affect the safety of our customers we will act decisively,” said Jeff Boyer, vice president, of Global Vehicle Safety.
- D. Power is out with a new study of more than 86,000 owners regarding how the first three months with a new set of wheels worked out. Dodge and Porsche each topped three segments with Audi, Ford, Mercedes, and Nissan capturing two segments. When it came to nameplates, Porsche topped the list, something it has been doing for ten years, followed by Jaguar, Audi, Land Rover and BMW. Hyundai topped non-luxury brands. Mitsubishi came in at the bottom of the list.
The Automotive Hall of Fame in Dearborn, Michigan will induct four new members today. They are Ferdinand Piech, chairman of the board at Volkswagen Group and grandson of Ferdinand Porsche, Keith Crain, of the communications firm that bears his name, J.D. “Dave” Power III of the firm cited above, and auto designer Alex Tremulis who gave the world the much talked about and very aerodynamic Tucker Torpedo and then developed concept cars for Kaiser-Fraser and Ford. Also to be honored are James Lentz, chief executive officer of Toyota North America, who will be named industry Leader of the Year.
New vehicle sales hit an annualized rate of nearly 17-million at the mid-year mark, according to Cars.com. It said after a slow winter, the pace of new vehicle sales sped up to push mid-year numbers to near record levels.
The Treasury Department will hold an auction of federally seized property in Dayton, New Jersey next week. Among the brands up for bid are BMW, Porsche, Land Rover and Mercedes – and even a gold bar or two.