Ford Credit reported pre-tax profit of $514m (£353m) in the first quarter of 2016, up $31m compared to the same period in 2015.

According to Ford, its finance division’s managed receivables continued to grow while its portfolio performance was ‘robust’.

Ford named Q1 2016 "the best quarter ever", as pre-tax profit jumped $2.1bn to a record $3.8bn. The manufacturer’s revenue stood at $37.7bn and wholesales rose to 1.72m.

In Europe, pre-tax profit was $434m, which was higher than the full year of 2015. Year-on-year there was a pre-tax profit improvement of $476m, which the company attributed to favourable volume and mix as well as lower costs.

During the first three months of the year Ford announced the creation of the ‘Ford Smart Mobility’ subsidiary to design, build, grow and invest in emerging mobility services.

For 2016, Ford expects another strong year with sustained strong financial performance and returns and profitability across all parts of the business except South America.