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Honda shifts strategy as Insight hybrid fades

  
  
  

Honda Motor Co. said its decision to scrap the Insight, the first hybrid marketed in the United States, is part of a revised strategy to expand its U.S. lineup of fuel-saving cars and light trucks.

Honda's efforts will be "focused on further advancing fuel-efficient and alternative-fuel vehicle technologies that are better aligned with customer needs and that strengthen the company's U.S. sales momentum," the company said in a statement today formally announcing the end of Insight production....

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

Ford posts $3 billion quarterly profit; narrows loss in Europe

  
  
  

DETROIT -- Ford Motor Co. today posted fourth-quarter net income of $3 billion, nearly double the $1.6 billion the company earned in the same period a year ago, as strength in the automaker's core North American market offset losses in Europe and South America.

Fourth-quarter losses in Europe narrowed to $571 million from $732 million in the same quarter a year ago.

Ford's global pretax operating profit for the quarter fell 24 percent to $1.3 billion.

Ford posted net income of $7.2 billion for 2013, up from $5.7 billion in 2012. Its automotive operations generated a pretax profit of $6.9 billion on the year, the highest in more than a decade, helped by a large gain from one-time tax items, and a boost as U.S. sales and market share increased.

On the year, Ford lost $1.6 billion in Europe, 8 percent less than in 2012 and its third-straight annual deficit for the region. The company has said it expects its European results to improve in 2014 and for the region to return to profitability in 2015.

Global revenue increased 4 percent in the fourth quarter, to $36.3 billion, and 10 percent for the year, to $146.9 billion.

"The company had an outstanding year, earning a profit that was higher than last year's strong performance and one of our best years ever," Ford CFO Bob Shanks said in a statement. "Our results were driven by record profits in North America and Asia Pacific Africa, improved results in Europe and another solid year from Ford Credit."

Europe is "on its way to profitability in 2015," Shanks told reporters at Ford headquarters.

Ford said it expects reduced losses this year in Europe despite restructuring costs of about $400 million that will be reported in 2014 operating results.

The region's fourth-quarter smaller loss was due to favorable market factors and other items, including higher parts and services profit, offset partially by unfavorable exchange and higher costs, the company said.

The automaker's global quarterly results included a $2.1 billion gain from the addition of deferred tax assets to the balance sheet, as well as charges of $311 million for last year's pension buyouts and layoffs in Europe.

North America

In North America, Ford earned a pretax profit of $1.7 billion in the fourth quarter, 9 percent less than the same period a year ago. But its full-year earnings for the region rose 5 percent to $8.8 billion, which the company said was a record.

The results mean Ford's 47,000 UAW-represented hourly workers will get profit-sharing checks averaging $8,800, or a total of some $414 million. That is the highest Ford has ever paid out to its workers for profit sharing. Last year's checks averaged $8,300.

Ford's operating margin in North America declined to 9.9 percent in 2013, from 10.4 percent a year earlier. It spent 27 percent more on Incentives in the fourth quarter than a year ago, according to Kelley Blue Book.

The company has said it plans to reduce production in the first quarter, and it idled some plants recently to help reduce inventories. Ford has also been hit by warranty costs for recalls on the Escape crossover and by reimbursing owners of the C-Max hybrid for overstating the car's fuel economy.

Ford plans 23 product launches in the U.S. this year, including the Mustang and a redesigned version of its top-selling and most profitable nameplate, the F-150 pickup. It brought out 11 new products in 2013.

Positive cash flow

Ford generated automotive operating cash flow of $500 million in the fourth quarter, marking its 15th consecutive quarter with positive cash flow, and record cash flow of $6.1 billion for the year. It ended 2013 with $24.8 billion in gross cash, which is $9.1 billion more than its debt.

Ford previously warned that its profit margins would be lower in 2014 due to the costs of introducing new vehicles. It said pretax profits would fall to between $7 billion and $8 billion this year.

The company reported a wider-than-expected quarterly loss of $126 million for South America, compared with a year-earlier profit.

Its $571 million loss in Europe, though smaller than the previous year, was still wider than analysts had expected.

Earnings in Asia Pacific Africa surged more than 170 percent to $106 million. The automaker passed Toyota in China last year to become fifth among foreign automakers by sales, as demand for the Focus compact led a 49 percent increase in deliveries.

Neil Bunkley, Reuters and Bloomberg contributed to this report

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

North American Car and Truck of the Year named

  
  
  

Chevy Corvette Stingray and Silverado named North American Car and Truck of the Year

It’s been a clean sweep for Chevrolet in the North American Car and Truck of the Year awards event, with its 2014 Corvette Stingray sports car receiving top honors in the car category and its 2014 Silverado 1500 receive the same in the category for trucks and utilities. It is the first time Chevrolet has won both awards in the same year. The Silverado last won the truck category in 2007 while its been since 1998 since a Corvette was picked for the car category.

    MORE RELATED TO THIS STORY
            —Complete photo gallery of the 2014 Corvette Stingray
            —Complete photo gallery of the 2014 Chevy Silverado

Finalists in the car category included the 2014 Cadillac CTS and 2014 Mazda 3, while in the truck category the 2014 Acura MDX and 2014 Jeep Cherokee were among the finalists. Some other top contenders were the 2014 BMW 4-Series and X5, 2015 Mercedes-Benz CLA-Class, and the 2014 Land Rover Range Rover Sport.

The announcement of the winners this morning at the 2014 Detroit Auto Show ends weeks of diligent testing of all the nominee vehicles by a panel of 49 judges comprised of automotive journalists from the U.S. and Canada. Among them was our own Marty Padgett.

They base their vote on a number of factors including innovation, design, safety, handling, driver satisfaction and value.

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

GM Recall

  
  
  

GM recalls 303,000 new Chevy Silverado, GMC Sierra pickups for engine fire.

Find Out if you are affected by clicking the link above!

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

BMW and Toyota have agreed to develop a joint platform for sportscars

  
  
  

FRANKFURT (Reuters) -- BMW and Toyota have agreed to develop a joint platform for sportscars, BMW's development chief Herbert Diess told a German newspaper.

"We have agreed on a joint architecture for a sports car. What is important is that there will be two different vehicles that are authentic to the two brands," Frankfurter Allgemeine Zeitung today quoted Diess as saying.

BMW and Toyota in June 2012 signed an agreement to cooperate on various areas including lithium-air batteries and lightweight technology.

They also said at the time they would study the potential for a joint platform for a mid-sized sports vehicle in a feasibility study to be completed by the end of 2013.

Frankfurter Allgemeine said that Diess declined to provide details on the models that would result from the cooperation.

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

Most dangerous intersections in Canada

  
  
  

These 20 Canadian intersections are like Michael Bay movies: they draw big crowds, they're filled with crashes, and everyone leaves unhappy.

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

Referral Program - Mark Wilson's Customer Rewards

  
  
  
Mark Wilson's Better Used Car Referral ProgramReferral Program

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

Get Pre-Approved Today! Find out how much you are approved for, making finding a vehicle that much easier!!

  
  
  

Pre-Appoved Loan

Once Approved, Select from over 500 Vehicles IN STOCK!!

Mark Wilson Used Cars

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

The best used vehicles for under $20,000-Report

  
  
  

Consumer Reports--the best used vehicles for under $20,000

Check out the list here!

Mark Wilson's Better Used Cars has over 500 used Vehicles in Stock and offers convenient hours for you to come test drive one! We are open 7 days a week and always go the extra mile to help our customers get the vehicle they dream of! Come check us out today in Guelph!

Mark Wilson's Used Cars

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

Car Service Tips to Extend the Life of Your Car!

  
  
  

Car Service tips

 

Care and Maintenance Tips Keep Your Car Running in Top-Notch Condition
We’ve compiled our best expert advice, surprising tricks, and car care tips to prolong the life of your automobile!

Click Here for 74 Tips To Extend the Life of Your Car

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Mark Wilson's is proud to offer over 500 Used Cars in Ontario, with 50+ Years in Business, and 5-Star Reviews!

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