The U.S. motor company, which is the biggest car brand in the UK, will also raise the price of cars sold in Britain before the end of the year. Bob Shanks, chief financial officer, said a rise was needed to claw back money lost through foreign exchange movements.
Sterling has fallen by 11 per cent against the dollar since the vote on June 23, leaving companies that sell into the UK facing lower revenues in the months ahead.
Ford warned of a difficult second half of the year for carmakers, with weaknesses in the U.S. and Chinese markets adding to headwinds caused by Brexit and currency swings. The warning, combined with Ford missing expectations in the second quarter, because of weaker sales in China and the U.S., sent its shares down more than 9 per cent to $12.52 in late-morning trading in New York.
Mr Shanks said a combination of sterling's devaluation and an expected hit to the UK car market would cost Ford $200 million this year and another $400 million to $500 million each year over the next two years.
"We're going to have to look more at cost," he said. The company would find a way to "claw that back".
Questions have been raised over prospects for the UK's car industry in the wake of the Brexit ballot, with analysts questioning whether the plants can win fresh work during a period of uncertainty over trade and the country's position in the single European market.
Ford's two remaining UK plants are at Bridgend and Dagenham, making engines that are exported to other EU countries for final assembly. Ford then reimports many of these engines in completed vehicles for sale in the UK.