Ford profits reach $1bn

Ford has surpassed its target of $1bn within the first three quarters of 2016.

The company had a $600m (£474m) profit target for 2016 and after just nine months has posted a $1.039bn (£820.4bn) pre-tax profit and a 4.9% profit margin said Jim Farley, president of Europe, Middle East and Africa.

The results come despite predictions that the UK’s vote to leave the European Union would cost Ford $60m (£47.4m) in Q2 and $140m (£110.5m) in the second half of the year.

Bob Shanks, cfo at Ford said he expects Brexit to cost the company $400-500m (£316-395m) for each of the next two years. Costing the company up to $1.2bn (£948bn) by the end of 2018.