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2016 Ford Explorer embarks at the LA Auto Show

Twenty-five years since its debut in 1990, Ford will celebrate a quarter century of Explorer models next year with the debut of a refreshed 2016 model at the 2014 Los Angeles Auto Show on November 19. The Blue Oval is keeping mum on hard details about the updated SUV for now, but the brand promises, "a new look, added capability and additional driver-assist technology," in its announcement.
Company marketing boss Jim Farley elaborated a little more on what to expect. "The new Explorer is still the SUV America fell in love with - a vehicle built for the perfect family adventure," he said in the release that you're welcome to read down below.
An updated Explorer is a pretty big deal for Ford's bottom line. Worldwide, SUVs and crossovers account for about 23 percent of Ford's sales, and the segment is projected to grow to around 29 percent by 2020. Ford further says that SUVs and CUVs are the world's quickest growing segment with demand up 88 percent since 2008.

Ford recalling nearly 5,700 2014 F-150s for power steering issue

Ford is recalling 5,675 of its 2014 F-150 pickups over an issue with the electric power steering system. There haven't been any injuries or accidents due to the issue.
Ford spokesman Mike Levine told Autoblog that the "electric power-assisted steering and motor position sensor gear were incorrectly installed by a supplier," leading to the recall.
While the recall is larger on the surface, it's important to note that only 260 trucks have been delivered to customers. The remaining pickups are currently en route to dealers. The affected vehicles were manufactured between May 26 and June 19.

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.