Ford released third quarter results this morning and the numbers were not good. It earned 24 cents a share compared to 55 cents one year ago and revenue was off 6 percent. Pre-tax profit in North America was down nearly 57 percent to $1.26 billion with profit margin at its lowest level since the fourth quarter of 2011. Officials said that was caused by the launch of the new Super Duty pickup, a dealer stock reduction for the F-150 versus the increase from a year ago, “normalization” of the model mix of the F-150, plus the costs of a previously announced door latch recall. But officials remain optimistic long term. “Importantly, we remain on track to deliver one of our best profit years ever,” said President & CEO Mark Fields.
Shares in Tesla posted some sharp gains in after hours trading yesterday after the electric car maker posted its first quarterly profit since 2013. It was also the second best quarter ever for Elon Musk’s company and the news surprised many on Wall Street. It was betting Tesla would post a loss of 86 cents a share. The bottom line was helped by Tesla delivering more vehicles in its latest quarter, in fact 72 percent more. The good news came ahead of a key vote by shareholders November 17th regarding Tesla’s integration with Solar City, an all-stock $24 billion dollar deal. Musk is Solar City’s Chairman.
Mini has introduced what it says is an all-new Countryman, that will also be the brand’s first plug-in hybrid. The SE Countryman ALL4 will be powered by both a three cylinder twin power turbo and an electric synchronous motor. It is also the largest Mini ever – almost eight inches longer than existing models. Look for the Countryman to debut at the Los Angeles Auto Show in Nov. 16.
Audi announced it will try out its corporate ride sharing service at a technology incubator in Durham, North Carolina. The service is scheduled to go nationwide next year and the initial vehicles will be three Audi A4 sedans.
You really are a true car buff of the 60’s if you remember the Borgward. Now the brand is attempting a comeback with the announcement it will build a production facility in Bremen, Germany, the former home of Borgward. The company will display two models at the Geneva show next spring.