The two largest US car companies offered cautious predictions for 2018 as Ford forecast sweeping cost cuts and General Motors said it expected stalled profit growth. The warnings come after years of surging global sales and rising profitability for the industry. Ford is targeting savings in “every part” of its business in order to compete with rivals, while GM said profits would be flat in 2018 due to a deteriorating US market and pressure on car prices. Car sales in the US, a key profit driver for the industry, are expected to fall this year after reaching 17.2m in 2017, while auto companies are facing increased investment requirements to develop electric and self-driving vehicles. During the Detroit auto show, GM said it would spend $1bn this year developing its self-driving systems, up from $600m last year, while Ford pledged to spend $11bn on its electrified vehicles by 2022. I’m not satisfied with where our automotive business is, we have to improve our fitness and our cash flow and profitability Jim Farley Jim Farley, Ford’s global markets president, said the company was also targeting cost savings in “every part” of its business.