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Ford Q3 pretax profits drop to $1.18B

Following positive third quarter financial results recently from General Motors, rival Ford took a tumble in Q3. The automaker posted pre-tax profits of $1.18 billion, compared to about $2.59 billion in Q3 2013, a drop of around 54 percent. Net income also suffered with $835 million made in the quarter, versus $1.272 billion last year, a decline of about 34 percent. The Blue Oval blamed the gloomy figures on three reasons in its release: "lower volume, higher warranty costs and adverse balance sheet exchange effects."
There were problems of one kind or another in practically every region. North America experienced higher warranty costs than expected, partially due to recalls. The sales volume for the quarter was 665,000 units, versus 725,000 in Q3 2013, and pre-tax results amounted to $1.41 billion versus $2.296 billion last year.
South America and Europe both posted worse pre-tax results than last year. On the bright side, European volume was up slightly to 321,000 vehicles, from 303,000 in Q3 2013. The Middle East and Africa also lost $15 million, but that was an improvement compared to the $25 million loss previously experienced in this region.

Toyota again claims Corolla outsold Focus worldwide

Toyota isn't convinced the Ford Focus was the best-selling nameplate globally last year. Bloomberg reports that for the second time in seven months, both Toyota and Ford are laying claim to the title. Ford cites R.L. Polk & Co. data that says the automaker moved some 1.02 million Focus models in 2012 compared to just 872,774 Toyota Corolla units. But Toyota says the actual figure is closer to 1.16 million Corolla models.
Last year, Ford said it took the sales crown through the fist half of 2012 based on information from IHS Automotive, but Toyota pointed out those numbers left out models like the Corolla-based Matrix and Auris, as well as the Corolla Fielder and Scion xB-based Corolla Rumion. Whether or not Toyota's belief that all these cars should be counted in the Corolla bucket is accurate or not is seemingly up for debate... as is the question of why it matters so much to both parties.
This time around, Ford is holding the line that the Focus is the "best-selling nameplate," with Erich Merkle, a US sales analyst with Ford saying the company's figure is, "a pure number that is verified by a third party." Toyota, meanwhile, has requested clarification from Polk.

Chip Ganassi Racing switches to the Ford EcoBoost-powered Riley Daytona Prototype

Chip Ganassi Racing with Felix Sabates (CGRFS) announced yesterday at Ford's SEMA press conference that it will field a Ford-Riley Daytona Prototype with the 3.5-liter EcoBoost V6 in the 2014 United SportsCar Championship (USCC). CGRFS is the second team to commit to the new Ford-Riley car, behind Michael Shank Racing (which has already used the racecar to break a 26-year-old top-speed record at Daytona International Speedway).
"Over the last 10 seasons we have been able to experience a great deal of success in Grand-Am," Chip Ganassi says, "and now with the dawn of the new United SportsCar Championship we feel that Ford power will be a key ingredient to writing the next chapter of our sports car program."
In the last Grand-Am season, CGRFS raced a BMW-Riley Daytona Prototype. The team has won seven Daytona Prototype championships, all in the past ten years. Scott Pruett and Memo Rojas return as the team's prototype co-drivers, and will attend their maiden race in the Ford-Riley at the Rolex 24 at Daytona in January.