Ford's stock plunged Tuesday after the carmaker delivered record quarterly earnings that were below analysts' forecasts. Revenues was better than expected.
By Tuesday afternoon, the carmaker's stock slipped more than 4 percent. Click here to track Ford's shares.
Before the markets opened, the automaker posted third-quarter earnings of 45 cents per share, up from 24 cents per share in the year-earlier period. Revenue rose to $35.80 billion from $32.80 billion a year ago.
Analysts expected quarterly earnings of 46 cents per share on revenue of $35.07 billion, according to Thomson Reuters.
The company attributed its earnings miss to higher-than-expected taxes.
"The Ford team delivered an outstanding quarter — with record third quarter profit, best quarter ever for North America, higher wholesales, higher revenue, higher market share and improved margin," Ford president and CEO Mark Fields said in the earnings release.
Ford's revenue in North America was $23.70 billion, well above the year-earlier period's total of $3.8 billion.
"In the U.S., which is critical for us and for many in the industry, we don't see any signs whatsoever that the industry is going to be slacking off at all from the very high levels that it is at," CFO Bob Shanks told CNBC's "Squawk Alley."
Shares of Ford are up 8 percent over the past year, after the company topped analyst estimates in the second quarter, citing North American sales led by its popular F-150 pickup truck.
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Ford's earnings come as the auto industry is in the midst of an up-cycle. Strong consumer demand, easy credit and generous incentives helped push auto industry sales up 15.8 percent year over year in September, according to Reuters.
U.S. auto sales for September hit 18.17 million vehicles, according to research firm Autodata. General Motors beat analyst estimates last week on earnings from trucks and improved profit margins in China.
— Reuters and CNBC's Zack Guzman contributed to this report.