Ford projects lower-than-expected 2017 profits

Detroit - Ford Motor company says its pretax earnings will likely fall in 2018 as US sales soften, commodity costs increase and it invests heavily in new electric and hybrid vehicles.

Ford expects to earn between $1.45 and $1.70 per share this year. That would be down from 2017's preliminary adjusted earnings of $1.78 a share.

Ford's 2017 profit fell short of the $1.82 per share expected on average by analysts polled by FactSet. They expect a profit of $1.59 per share this year.

Ford is doubling its investment in electric and hybrid vehicles to $11-billion through 2022. The company plans to deliver 16 new electric vehicles and 24 hybrids — including a hybrid version of its F-150 pickup — in that time.

Ford's shares fell 3% in after-hours trading.