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UPDATE 1-Ford's 2017 profit misses Wall Street estimates

(Recasts with shares falling, adds details and background)

Jan 16 (Reuters) - Ford Motor Co shares fell in after-hours trading on Tuesday after the Dearborn, Michigan, automaker reported 2017 preliminary adjusted earnings that missed market estimates, and issued a 2018 earnings forecast that fell short of analysts' expectations.

The automaker's shares dropped more than 2 percent in extended trading. Ford's downbeat forecast contrasted with a more positive outlook from Detroit rival General Motors Co earlier on Tuesday. GM shares closed up slightly, after a roughly 2-percent gain earlier in the day.

Ford also said it would start reporting separately the results of its investments in "mobility" businesses, such as self-driving delivery vehicles and ride services, and previewed a loss for those operations of $300 million for 2017.

Ford blamed exchange rates and rising prices for the commodities used in its vehicles for the projected decline in 2018 adjusted earnings, in a statement and materials released ahead of a presentation to analysts by Chief Financial Officer Bob Shanks and Jim Farley, president of global markets.

For full-year 2017, Ford said its adjusted earnings would be $1.78 per share, below analysts estimate of $1.83, according to Thomson Reuters I/B/E/S.

For 2018, Ford expects adjusted earnings of $1.45 to $1.70 per share. Analysts on average expected earnings of $1.62. (Reporting by Ankur Banerjee in Bengaluru; Editing by Savio D'Souza and Sandra Maler)