Ford has already surpassed a $1 billion profit in Europe through the first three quarters of 2016, well over the company's annual goal and nearly four times as much as it earned there in all of 2015.
Jim Farley, Ford's president of Europe, the Middle East and Africa, said Tuesday Ford's goal for the year was a $600 million profit, but they exceeded that in the first half of the year. Through the first nine months, Ford posted a $1.039 pre-tax profit and a 4.9 percent profit margin.
"We are overachieving because of our people," Farley said Tuesday.
Ford did not offer guidance for a full-year pre-tax profit.
Despite the strong year so far in 2016, Ford’s European financials have already been negatively impacted by United Kingdom’s June vote to leave the European Union, and that hit to the bottom line will likely grow.
CFO Bob Shanks said earlier this year that Brexit cost Ford $60 million in the second quarter, and will likely cost $140 million in the second half of the year due to weaker vehicle demand in the UK.
He expects a $400-$500 million impact in each of the following two years, for a total impact of up to $1.2 billion by the end of 2018.
Meanwhile, Ford CEO Mark Fields said Tuesday that Ford will begin testing its autonomous vehicles on European roads in 2017. The automaker currently tests in the U.S. in Michigan, California and Arizona. Ford has promised to deliver a mass-market fully autonomous car in 2021.
Editor's note: Jim Farley was referring to Ford of Europe's profit through the first three quarters of 2016. An earlier version of this story incorrectly reported that it was the expected full-year profit.