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On Wednesday, U.S. automaker Ford Motor Co. (F.N.) reported lower-than-expected quarterly net profit due to rising commodity costs and unfavorable exchange rate conditions. The company also expects 2018 to suffer even greater pain from higher raw material prices.

Ford warned earlier that higher metal prices, such as aluminum and steel, will erode profits and is the only major carmaker to issue such warnings. The company made last week's 2017 and 2018 earnings estimates less-than-expected and said metal prices and currency fluctuations could cost the company $ 1.6 billion in 2018, after which the company's stock price plummeted.


 

Ford Chief Financial Officer Bob Shanks told reporters at the company's headquarters in the suburbs of Detroit that Ford's lack of adaptability means that its impact on commodity costs is greater than its competitors. Ford is the second largest carmaker in the United States.

"Regardless of the future, we must improve our own adaptability," Shanks said.

Ford fourth quarter results are almost entirely driven by the North American market, the company 1.7 billion in pre-tax profits of 1.6 billion from the North American market.

Ford surpasses other markets with the number of expensive and profitable cars sold in the North American market, mainly pickups and SUVs.

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