Ford Expects To Make $1 Billion Profit In Europe, Smash 2015 Figure

Ford’s European boss expects the automaker to make a $1 billion profit in Europe in 2016, well up on the $259 million it returned last year.

Speaking with Automotive News, Jim Farley said that coming in to 2016, the brand targeted $600 million in European profits. However, that goal was surpassed in the first six months of the year and, by the end of the third quarter, Ford had earned $1.039 billion of pre-tax profit.

Key ingredients for this huge increase in its profits are cutting thousands of jobs, closing three plants and updating a plethora of its models in European markets.

Although Ford is on target for record profit figures in Europe, it notes that, if it hadn’t been for the UK’s decision to leave the European Union, its profits would have been even higher. As a matter of fact, Brexit is said to have cost $60 million in the second quarter and could cost $140 million in the second half of 2016 because of falling demand for its models in the UK. By the end of 2018, Ford says Brexit could cost it as much as $1.2 billion.


Return Of The Sport Truck? Ram Considering Lowering Kit For 1500 Pickup

Previewed by the Low Down concept, the kit could reduce the ride height by approximately 2 inches.

Failed Aston Martin Vanquish Tooling Buyer Identified As Detroit Electric

Detroit Electric agreed to pay $24 million for the tooling of the Vanquish, but failed to come up with the money.

Lego Porsche 911 Turbo 3.0 Joins Forza Horizon 4

The 911 Turbo 3.0 from the Lego Speed Champions series joins the McLaren Senna and Ferrari F40, among others.

2020 Aston Martin DBX Teased Again Ahead Of December Debut

Aston’s first-ever SUV will have a 503 HP, AMG-sourced V8 and, hopefully, the handling to match its performance.

Porsche Taycan Laughs In The Face Of Range Anxiety, Travels 2,128 Miles In 24 Hours

Thanks to fast charging technology, the Taycan was able to travel the distance between Atlanta and LA in a day.

$5.5 Million Order For 100 Tesla Model 3s Falls Through Over Quality Issues

Tesla says it was the rental company that refused to take delivery, but the latter claims the automaker is to blame.

McLaren F1 LM-Spec Sets New Record As It Sells For Nearly $20 Million

This is one of two F1s ever that have been updated with the High Downforce Kit and LM-spec, 680 HP engine.

Lotus Evija Sets Hearts Racing During Pebble Beach Debut

The Lotus Evija is powered by four electric motors combining to deliver 1973 hp.

Hot Ford Puma ST Is Definitely Coming, Here It Is Entering Nürburgring Test Center

The Ford Puma ST should pack the same 200 PS (197 hp) 1.5-liter EcoBoost three-cylinder engine.

Tesla Model X Driver Claims Car Went Homicidal All By Itself Crashing Into Parked Toyota

This incident involving an out-of-control Tesla Model X took place recently in Puerto Rico.