Ford Motor shares drop three per cent despite record profits in 2015
Shares in car manufacturer Ford dropped by more than three per cent today, as the company's record profit of $10.8bn (£7.5bn) failed to assuage investor fears over the state of the motor market.
The firm increased profit by $3.5bn last year, and doubled quarterly profit to $2.6bn from $1.3bn in the final quarter of 2014.
The company expects profit for this year to be "equal to or higher than" last year, which has the potential to disappoint investors by missing analysts' expectations of $11bn.
“We promised a breakthrough year in 2015, and we delivered," said Ford president and chief exec Mark Fields.
"In 2016, we will continue to build on our strengths and accelerate our pace of progress even further, while transforming Ford into both an auto and a mobility company and creating value for all of our stakeholders.”
Ford was second in the US in electrified vehicle sales last year, and is planning to invest $4.5bn in "electrified solutions" by 2020.