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William Clay Ford Sr. dead at 88

William Clay Ford, retired vice chairman of Ford Motor Company and the last surviving grandchild of company founder Henry Ford, died this morning after a bout with pneumonia. He was 88.
Ford spent 57 years with his grandfather's company, joining the board of directors in 1948 before graduating from college. Ford also held a position as chairman of the design committee, as well as the chairman of the executive committee and vice chairman of the Board of Directors during his tenure with the company. In a 2013 Detroit Free Press story, retired CFO Allan Gilmour said Ford had an eye for design, and was once able to pick out when a fiberglass model of a Ford Contour was asymmetrical, off by an inch on one side. He retired and assumed the position of director emeritus in 2005.
"My father was a great business leader and humanitarian who dedicated his life to the company and the community," said Bill Ford, Jr., Ford's current executive chairman. "He also was a wonderful family man, a loving husband, father, grandfather and great-grandfather. He will be greatly missed by everyone who knew him, yet he will continue to inspire us all."

Ford nets $5.7B in 2012, $1.6B in fourth quarter

Ford brought in $5.7 billion in net income during 2012, which is around $307 million less than one year prior. Even so, the automaker closed out 2012 with the highest pre-tax profit for a single quarter in nearly 10 years, earning $1.7 billion in the fourth quarter thanks largely to a higher-than-average truck mix in the US. That's a jump of $577 million over 2011. Likewise, that translated into fourth quarter income of $1.6 billion. All told, Ford set a full-year pre-tax profit record in 2012. But that doesn't necessarily mean everything is rosy in the land of the Blue Oval.
Like every other manufacturer, 2012 saw Ford get hammered in the European Union, where a deep economic recession continues to drive down consumer confidence. The automaker lost more than $700 million in Europe, and saw full revenue of $26.6 billion in 2012. That's a decline of $7.2 billion compared to last yea. Ford says the market for new vehicles in Europe has contracted to 13.5 million units, the lowest number in 17 years. You can read the full press release below for more information.

Ford Escort is ready to focus on the Chinese market

Ford officially revived the Escort name in China, showing of the new, four-door compact at the Beijing Motor Show. Painted in a stylish brown-bronze, the new sedan wears a number of global Ford styling cues while sharing its platform with the Ford Focus.
Power for the new model comes from a 1.5-liter four-cylinder, although Ford doesn't specify just how much power is on offer, simply saying that the fuel economy of the new mill will be "outstanding." It's unclear what transmission will be distributing the engine's power, although based on the images we've seen, the Escort will definitely offer a two-pedal setup.
The layout of the cabin is fairly clean, although as we mentioned in our initial post on the new Escort, it's a decidedly sparser environment than we've grown use to in US-spec Fords of late. If anything, it's like a weird blend of current Ford switchgear with an overall look that reminds us of older Ford layouts. Still, it looks like a comfortable way of moving five people about without too much fuss. There's ample space both front and rear, and a rather spacious trunk.