Ford forecasts drop in Q1 and 2017 profit due to higher costs

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FILE PHOTO: Ford cars are seen on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov/File Photo (Copyright Reuters 2017)

Ford Motors on Thursday said it expects its 2017 adjusted pretax profit be lower than a year earlier due to investments in ventures including self-driving cars.

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The company said it expects its adjusted pretax profit to improve in 2018.

The company said it expects first quarter earnings per share of 30-35 cents, lower than what it earned a year earlier, blaming higher costs, lower volume and unfavorable exchange.

(Reporting by Rachit Vats in Bengaluru; Editing by Savio D'Souza)