Ford saw its profits fall by $1.7bn (£1.4bn) in the third quarter of 2016.

The US car manufacturer reported $1.4bn of pre-tax profit, down 55% year-on-year, and net income also more than halved to $1bn, from $2.2bn.

In the automotive segment, operating cash flow declined substantially by $4.8bn to $2bn in Q3 2016.

Pre-tax profit in the automotive segment also declined, down $1.7bn to $1.1bn, as Ford reported an operating margin of 3.3%.

Ford recorded automotive cash of $24.3bn, with cash net of debt $11.2bn, and total liquidity $35.2bn.

Net income for Ford in the year to date was down 2% to $5.4bn, while adjusted pre-tax profit was $8.2bn, up $53m from the same period in 2015.

Ford anticipates $10.2bn in total company pre-tax profit for the full year.

Mark Fields, president and chief executive of Ford, said: “We remain on track to deliver one of our best profit years ever.”