Granted, problems in Europe which lost $1.8 billion in 2012 are being addressed, South America's woes are containable and revenue is Asia is growing.

But cranking out some solid profit from these regions would balance America's resurgence.

The Motown manufacturer earned $1.8 billion of pre-tax income in Canada and the United States in the last three months of 2012. That helped Ford beat earnings estimates by almost a quarter.

The company's pre-tax margin for North America for the whole of 2012 was an enviable 10.4 percent.

But it's a different story elsewhere. Ford's South American operations broke back into the black last year, but only just. A raft of protectionist measures across the region, from currency controls in Venezuela to various changing or suspended trade agreements, will continue to hurt earnings.

It is, at least, manageable the region's revenue accounts for just 8 percent of Ford's total automotive sales.

Europe is much more painful. The good news is that Ford's restructuring plan is well under way. Chief Executive Alan Mulally and his team reckon this year's red ink will be the worst of it, and their track record turning around the American business should provide comfort.

But executives now expect a loss of $2 billion in the region in 2013, more than previously thought. That bad news reminded investors that fixing Ford's second-largest revenue center will take time, and helped wipe some $3 billion off the company's market value on Tuesday morning.

Asia, traditionally Ford's smallest business, could soon matter more. The company has invested heavily and it shows. Volume has doubled, and revenue has jumped by more than two-thirds over the past three years.

But the region still only accounts for about as much of the top line as South America. And progress has yet to flow through to profit, with the region losing $77 million last year.

Ford expects Asia and Europe to be out of the red within a few years. With the economy improving and profitable trucks and SUVs enjoying a resurgence, North America can keep the company's overall returns looking decent for now. But having the rest of the world share the load would be a boon for investors.