Ford said its North American margins in 2014 will be at the low end of its previous guidance of between 8 percent and 9 percent.

The automaker expects to report a substantial loss in South America in 2015, but smaller than in 2014, when it will take a pre-tax loss of about $1 billion.

Ford said its South American operating margin will be between 7 percent and 9 percent by 2020.

(Reporting by Bernie Woodall in Dearborn, Michigan; Editing by Meredith Mazzilli)