Ford Motor Co. on Wednesday announced it is shifting all of its North American small-car production from the U.S. to Mexico.
“Over the next two to three years, we will have migrated all of our small-car production to Mexico and out of the United States,” CEO Mark Fields told investors in Dearborn, Mich., according to The Detroit Free Press.
Ford pledged earlier this year it would invest $1.6 billion in small-car production in Mexico.
Fox Business Network said the automaker has made record pretax profit over the past 18 months, with the company on pace to bring in $10.2 billion in 2016.
Ford expects profits to decline next year as it invests in vehicle development, it said, but hopes to improve its financial results by 2018.