Ford Motor Company has suffered a 41% fall in first-quarter earnings to $1.13 billion, down from $1.93 billion.

Jacques Nasser, chief executive, said the performance showed the "underlying strengths" of the company in an "uncertain economic environment".

First-quarter earnings in North America were down to $754m, excluding adjustments, from $1.67bn a year ago.

The company improved its performance in Europe, where it earned $88m in the first quarter, after posting a small loss last year.

General Motors yesterday posted an 88% drop in first-quarter earnings.