Ford shares plunged Monday after executives reported that losses in Russia will slow profits in Europe for the months to come, putting the auto giant behind on year-end goals.
Shares closed at $15.11 on the New York Stock Exchange Monday, down 7.5 percent after trading as low as $14.83, according to USA Today. The newspaper said the volume was 80.1 million shares, more than triple the daily average.
Bob Shanks, Ford's chief financial officer, detailed the state of the company Monday at the automaker's Investors Day conference in Michigan. He announced that Ford will likely come up short on this year's $7 billion-$8 billion pretax profit goal, Detroit News reported.
Shanks said that Ford now expects to bring in about $6 billion in pretax profits after taking a $1 billion hit in warranty costs from recent recalls.
The auto company was more positive about the future, though, and announced a projected sales volume increase from 6.2 million vehicles in 2013 to 9.4 million vehicles by 2020, according to Detroit News. Ford's 2015 pretax profit could be between $8.5 and $9.5 billion, Shanks said.
"We know we have challenges in 2014," CEO Mark Fields told investors Monday. "But when we look at where we are in the cycle, we feel good about where we are in the cycle."
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