Ford (F) disappointed investors Friday and saw its stock drop to its lowest point in nine months after warning of steep international losses.

The company is hurting badly outside of North America, to the point where its pretax operating profit in the second quarter will be substantially lower. Its pretax losses in Asia, South America and Europe may hit $570 million. To give you an idea of how quickly things are deteriorating, consider that pretax losses in those regions in the first quarter were only $190 million.

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"Our operations outside of North America are under increasing pressure," the company said in a filing late Thursday. The stock fell nearly 5% Friday to close at $9.59. Shares are down 11% this year.

Europe is the big drain here, as worries about the economy have taken a huge toll on new-car purchases. Ford was probably too optimistic in its earlier forecast of losing between $500 million and $600 million in Europe this year. Now, one analyst told Bloomberg he thinks the losses could exceed $1.1 billion.

Now, Ford and other automakers are facing the problem of having too many excess cars building up. Inventory levels could get too high, and automakers are mulling the idea of closing factories. There are rumors that Ford may have to close at least one plant in Europe.

The situation is so bad that the International Business Times wonders if it's time for Ford to exit Europe altogether. Things aren't nearly as horrible in Asia, Africa and South America. Maybe Ford should just drop out of the continent and focus on the rest of the world.

"Why continue losing money in Europe when China is forecast to become a 30 million unit-a-year market by 2020 and U.S. new car sales are poised to return to 16 million," asked Auto News Europe editor Luca Ciferri, according to IBT.

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