Dearborn, MI, United States (AHN) – The Ford Motor Company reported its third consecutive full-year profit on Friday, announcing its best annual earnings since 1998.

Although 2011 was the second most profitable year in the company’s 109-year history, much of that profit was a non-cash gain from a large tax credit from past losses. That tax credit on the company balance sheet will shield it from taxes in the future.

However, without that credit, the car maker posted full-year and quarterly earnings that were less than last year’s profit and also below analysts’ forecasts.

That report of the earnings miss caused share prices to fall by 5.6 percent in trading immediately after the markets opened.

Ford’s 2011 net income of $20.2 billion was up from $6.6 billion in 2010. About $12.4 billion of that came from the accounting gain.

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Washington, D.C., United States (AHN) – BMW is recalling 89,000 Mini brand cars in the United States over faulty water pumps that can malfunction and cause engine compartment fires.

The recall comes some three months after the National Highway Traffic Safety Administration opened a defects investigation, citing 12 reports of fires in the vehicles.

Five of the fires reportedly destroyed the cars, NHTSA reported. BMW said it is unaware of any injuries or accidents caused by pump malfunctions.

The vehicles recalled include seven models of the Mini series, ranging in model years from 2007 to 2011. BMW is recalling 235,535 worldwide, including 88,911 cars in the U.S.

BMW will notify car owners by mail in February and dealers will replace the water pumps free of charge.

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Trollhattan, Sweden (AHN) – Swedish carmaker Saab is filing for bankruptcy after a deal to infuse Chinese funds fell through over technology licensing objections from American shareholders. The Chinese deal was the last hope for Saab, which has suspended work at its main factory and has failed to pay employees.

Saab CEO Victor Muller personally filed the bankruptcy papers and admitted it was “the darkest day in my career, probably in the history of Saab.”

“But we had no other alternatives,” Muller explained.

Saab was in talks with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China about an equity interest in in Swedish Automobile N.V. (Swan). However, General Motors (GM) opposed the deal, which would give Chinese investors access to sensitive automotive trade secrets and manufacturing know-how.

As a result, the company announced Monday that, “the Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors.”

In a statement, Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vanersborg, Sweden. Saab expects the court will approve the filing and appoint receivers within weeks.

In the meantime, Saab will continue operating.”We’re continuing to evaluate the situation. We’re determining the next appropriate steps,” Saab spokesperson Michele Tinson told the Detroit News. “It’s a little premature to announce any actions in the United States.”

The filing will be a total loss for Swan, which will completely write-off its stake in Saab.

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Detroit, MI, United States (AHN) – Chrysler’s Dodge Dart has found new life as a smart car.

Chrysler Group LLC said its new smart car, the first vehicle to feature Fiat SpA technology, will be called the Dodge Dart.

The vehicle, currently in production, will be highlighted at the North American International Auto Show in Detroit in January.

The debut of the new Dart will mark the first small-car offering from Chrysler in more than a decade.

The car will also allow Fiat to increases its stake in Chrysler to 58.3 percent once the smart car is certified by the government as delivering 30 miles per gallon.

The Dart was first introduced in 1960 as a full-sized vehicle. It was later produced as a compact car from 1963 to 1976.

The price of the new Chrysler offering was not released.

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Derbyshire, United Kingdom (AHN) – Toyota has announced plans to add up to 1,500 new jobs at its Burnaston factory in Derbyshire in the United Kingdom.

Company officials say that Toyota will invest more than $155 million into making the factory its sole European plant for the next hatchback it introduces.

Prime Minister David Cameron was touring the factory when news of the new production was announced and he hailed it as a vote of confidence for UK manufacturing. He also noted that it would be a huge boost for the economy.

The new hatchback will be a small family vehicle similar in size to Toyota’s existing Auris model and cars by other manufacturers such as the Ford Focus and Volkswagen Golf.

The Burnaston factory is one of four Toyota vehicle-building factories across Europe and Russia. The plant currently employs more than 3,100 people and manufactures the Auris and Avensis models.

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Los Angeles, CA, United States (AHN) – The all new 2012 Honda Civic Natural gas car was named Green Car of the Year Thursday at the Los Angeles Auto Show.

The Civic, the only factory built CNG powered car produced in America, was presented with the honors by editors of Green Car Journal, representing a diverse panel of environmental experts and automotive enthusiasts who annually select a single vehicle for its outstanding environmental performance.

The Civic Natural Gas engine produces almost zero smog forming emissions, and it is the cleanest internal combustion vehicle certified by the U.S. Environmental Protection Agency.

The new car features new styling, enhanced feature content and increased fuel economy. The redesigned 2012 Civic Natural Gas can now be equipped with the Honda-Satellite Linked Navigation System which includes an exclusive database of publicly accessible Compressed Natural Gas refueling stations across the United States.

All Civic Natural Gas models are produced by Honda Manufacturing in Indiana using domestic and globally sourced parts.

In addition to being named 2012 Green Car of the Year, pervious versions of the CNG-powered Civic have topped the “greenest vehicle” rankings of the American Council for an Energy Efficient Economy for eight straight years.

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Detroit, MI, United States (AHN) – Honda Motor Co. has announced plans to cut production by half at its factories in the United States and Canada because of flooding in Thailand that affected auto parts production there.

It was the second time this year that Honda has cut production by 50 percent. The first time was when the March 11 earthquake and tsunami in Japan affected production of certain auto parts.

Honda officials said that although most of the parts for its autos are manufactured in North America, that some electronic parts come from Thailand or elsewhere. They will seek replacement manufacturers of the microprocessors manufactured in Thailand.

Thai automotive parts factories have been hit hard by widespread flooding that began in that country in July. The flooding has affected thousands of manufacturing plants in Thailand, forcing some of them to close.

Honda reported net profit fell by 55 percent to $770 million through the end of the second quarter. In addition, the uncertainty over availability of parts because of the flooding caused Honda officials to withdraw the forecast of expected earnings for the remainder of the year.

Closure of plants in Thailand also affected Toyota Motor Co. Toyota earlier announced a cut in overtime hours for workers at its North American auto plants. Those cuts run through the end of this week.

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Hershey, PA, United States (AHN) – A 127-year-old steam powered automobile, billed as the world’s oldest car that still runs, has been sold at an auction here for $4.6 million.

The sale Friday by RM Auctions represents the highest price ever paid for an early automobile at auction. The $4.6 million price tag includes a 10 percent buyers premium that goes to the auction company.

The four-wheeled Dion-Bouton et Trepardoux, nicknamed “La Marquise,” was built in France in 1884, roughly a year before the founders of Mercedes-Benz separately built their first experimental gasoline powered cars. Henry Ford put the finishing touches on his first garage-built car 12 years after this one.

The “La Marquis” was originally built for the French Count De Dion, one of the founders of the company that built it. It was fueled by coal, wood and bits of paper. About a half an hour was required to work up enough steam to power the engine.

Its top speed is 38 miles per hour. The car came close to that speed during the world’s first automobile race in 1887, RM Auctions reported.

In 2007 the car was sold at a Pebble Beach, CA, auction for about $3.5 million.

The name of the current buyer has not been released.

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London, England, United Kingdom (AHN) – He wasn’t wearing a red cape, and he didn’t leap tall buildings. Instead, he wore shorts, a T-shirt and sneakers. But his feat was impressive nonetheless.

JJ Jegede, London 2012 Olympics long jump hopeful, successfully leaped over and cleared three parked Mini Coopers. Jegede, a long jump champion, easily cleared the 20-foot-long obstacle. He said he always wanted to show off his ability in a fun way, so he jumped at the chance to perform this Evel Knievel-like stunt.

Held in London, the performance was to celebrate the launch of the Mini London 2012 Edition model. Only 2,012 will be made, making the cars both rare and desirable.

The current English long jump champion, Jegede boasts a personal best jump of 26 feet.

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London, England, United Kingdom (AHN) – He wasn’t wearing a red cape, and he didn’t leap tall buildings. Instead, he wore shorts, a T-shirt and sneakers. But his feat was impressive nonetheless.

JJ Jegede, London 2012 Olympics long jump hopeful, successfully leaped over and cleared three parked Mini Coopers. Jegede, a long jump champion, easily cleared the 20-foot-long obstacle. He said he always wanted to show off his ability in a fun way, so he jumped at the chance to perform this Evel Knievel-like stunt.

Held in London, the performance was to celebrate the launch of the Mini London 2012 Edition model. Only 2,012 will be made, making the cars both rare and desirable.

The current English long jump champion, Jegede boasts a personal best jump of 26 feet.

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