Ford to move all small-car production to Mexico as profits set to fall

Company drops pre-tax profits forecast as it plans to expand its self-driving and electric car lines, and relocates more factories south of the border

Ford has warned shareholders that it is pouring cash into "emerging opportunities" and expects a steep decline in its financial performance in 2017.

The second-largest US automaker dropped its expected pre-tax profits forecast from $10.8bn to $10.2bn as it announced plans to expand its self-driving and electric lines in the face of intense competition from Silicon Valley as well as traditional car firms.