FORD saw its shares fall to their lowest level in more than a year yesterday after becoming the second US car maker in weeks to shock investors with a profits warning.
Ford's stock fell 6.1 per cent, or 67 cents, to $10.36 in early trading on the New York Stock Exchange after saying late on Friday that it did not expect to meet its profit goals this year or next.
The world's second biggest car manufacturer lowered its full-year profit forecast to between $1.25 and $1.50 a share, from between $1.75 and $1.95 a share.
Last month, GM dismayed shareholders by predicting first-quarter losses and cutting its full-year earnings targets in the wake of lower sales in North America coupled with cuts in prices.
Ford employs about 14,200 people in Britain at sites that include its UK head office at Brentwood, Dagenham, Bridgend, in south Wales, Southampton, Halewood, Dunton in Essex, Daventry and Leamington.
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