NEW YORK (TheStreet) -- Shares of Ford Motor Co (F) fell and closed down 7.47% to $15.11 on Monday after the company said at a conference for investors that it expects 2014 pre-tax profit of $6 billion, lower than its previous forecasts of between $7 billion and $8 billion.
In Europe, the automaker revealed it no longer expects a profit and now foresees a pretax loss of $1.2 billion in 2014 and a loss of $250 million in 2015.
In South America, the company forecast a loss of $1 billion due to currency issues.
Also, Ford's recall of 850,000 vehicles announced last week will cost the company about $500 million, The Detroit News reported.
Earlier in the afternoon, Ford announced that it expects to trim six of its 15 global platforms by 2016, Reuters reports.
Product development chief Raj Nair said the company will build 99% of its cars on nine global vehicle platforms, Reuters added.
The automaker plans to eventually reduce the number of its platforms to eight.
Shares of Ford continue to decline 0.4% to $15.05 in after-hours trading.
Separately, TheStreet Ratings team rates FORD MOTOR CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORD MOTOR CO (F) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels, growth in earnings per share and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."