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Within the next two years, Ford will no longer build any small cars in the United States, the automaker said Thursday. Production of the Ford (F) Focus and C-Max, the only small cars Ford still assembles in the United States, will be moved to Mexico, according to a Ford spokeswoman. Ford has previously said it was opening a new plant in Mexico that would employ 2,800 workers there. The Ford Fiesta subcompact is already being assembled in Mexico. The high-performance Ford Focus RS is made in Germany. After Focus production moves to Mexico, Ford will move the production of other vehicles into the Wayne. Mich. plant where the Focus is currently made, Ford spokeswoman Kelli Felker said. The automaker has said previously that the new Mexican plant will not result in any U.S. job losses. Ford will not be the first of the traditional "Big Three" automakers to stop building small cars in the U.S. Fiat Chrysler Automobiles (FCAM) currently sells only two small cars in the United States, the Dodge Dart and the Fiat 500. FCA plans to completely stop production of the Dart, which is built in Illinois, by the end of September. That will leave only the 500, which is already produced in Mexico. General Motors (GENERAL MOTORS) currently makes both the Chevrolet Cruze compact car and Chevrolet Sonic subcompact in the U.S. Cars assembled in Mexico often use at least some parts produced in the United States. Profit margins on small cars are generally slimmer than those on larger cars or SUVs, so maintaining low labor costs can be more critical for these vehicles.

Ford just waved a caution flag on American car sales. The No. 2 U.S. auto maker warned on Thursday of a growing list of global risks and suggested the previously-roaring American market may have peaked. "We are seeing signs of a maturing U.S. recovery," Ford CEO Mark Fields told analysts during a conference call. Wall Street doesn't like the sound of that. Ford (F) stock plunged 8%, on track for its worst day since at least January 2011. The stock is now down 10% this year. Ford's second-quarter profits were dented by expensive incentives to lure customers -- an industrywide trend the company believes will continue. Related: Best-loved new cars of 2016 Ford execs also dimmed their 2016 outlook on U.S. auto sales, which hit record highs last year and were a bright spot in the economy. The company said sales will likely soften further in 2017. "Sales are still at healthy levels overall, but the competitive environment has increased as retail demand has weakened," Fields said. That view stands in contrast with General Motors (GM), which last week posted record earnings and promised better times ahead. Ford's credit arm also stumbled amid concerns about auto loan deterioration. Profits at Ford Credit slumped 21% during the quarter due to rising defaults, higher delinquencies and lower resale values in auctions. Related: U.S. government worried about risky car loans Powered by SmartAsset ANALYST RATINGS BY Away from the U.S., Ford experienced turmoil from Brexit. The auto maker suffered a $60 million hit due to the collapse in the British pound and warned of full-year losses of $200 million related to a "weaker industry" in the U.K. Britain is Ford's second biggest market and makes up about 30% of European sales. Ford anticipates losses of $400 million to $500 million a year after 2016 due to Brexit. The economic slowdown in China is also creating headaches for Ford, which posted a loss in Asia-Pacific. Sales in China slowed and Ford lost significant market share there.