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Ford Q1 profits dragged down by warranty costs

General Motors isn't the only Detroit automaker posting falling profits in the first quarter. Ford just released its Q1 2014 financial data, and it reported a net income of $989 million, down $622 million from Q1 2013. The drop is partially blamed on higher warranty and recall expenses than the company had anticipated.
Financially, Ford suffered a rough quarter almost across the board. Its pre-tax profit of $1.4 billion was also down $765 million from a year ago. Things were even worse in the North American market where operating profit fell significantly to $1.5 billion, down from $2.392 billion in Q1 2013. However, its global revenue ticked up slightly to $35.9 billion, from $35.6 billion in this period in 2013.
Ford admitted that it spent about $900 million on expenses that it hadn't planned for during this quarter. According to Reuters, the company paid about $400 million in additional warranty and recall costs in North America. The automaker didn't explain why the costs were so much higher than expected. However, in the last three months, Ford has had several recalls, including on the 2001-2004 Escape for rust, Explorer for its steering, Edge for its fuel line and others.

Ford Fusion and Fusion Hybrid nab five-star ratings from NHTSA

Ford's Fusion and Fusion Hybrid have both received the highest five-star overall safety rating from the National Highway Traffic Safety Administration. The rating is a big upgrade for the Fusion, which was completely redesigned for 2013. The previous model fell one star short of the top rating, after scoring only three stars in the frontal crash test and four stars in the side crash test and rollover evaluations. The 2013 Fusion received four stars in side crash and rollover testing and a full five stars in the front crash test.
Test results for the 2013 Fusion and Fusion Hybrid were greatly improved at least in part due to Ford's Personal Safety System. The system utilizes smarter sensors to gather crash data and tailor the car's restraint systems to the occupants. Seatbelt usage and seat position are taken into account to ensure airbags deploy with less pressure for smaller drivers, more for larger drivers.
The 2013 Fusion twins also received the Insurance Institute for Highway Safety Top Safety Pick+ designation. Read the official press release below.

Ford wins second consecutive International Van of the Year award with Transit Connect

The redesigned 2014 Ford Transit Connect isn't even on sale yet, but it's already making its presence felt around the world. At a commercial vehicle expo in Russia, the Transit Connect was named the International Van of the Year.
Ford's small work van edged out the new Mercedes-Benz Sprinter by just seven points to allow Ford to grab this honor for the second consecutive year, which it won last year with the Transit Custom. Not only does this make Ford the first to ever win the award in back-to-back years, but it's also the fifth time the automaker has won this award since 2003 (two with the Transit Connect, two with the fullsize Transit and once with the Transit Custom). Ford congratulates itself for the accomplishment in a press release posted below.