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China will continue to be unpredictable for Ford.
The thinking throughout the industry is that after a record year of sales - 17.5 million new cars and trucks in 2015 - the market could be at or near a peak.
But there's also a sense that the auto sales cycle in America isn't yet played out. The market could remain at this level for at least another year.
The rest of the world is a different story, and all eyes have been on China, which for years has rewarded automakers with substantial growth.
"China is going to bumpy and volatile," Shanks said, when asked whether the worst of the country's recent downturn had passed. "It's an emerging market transitioning to more domestic consumer consumption."
Nevertheless, Shanks anticipated that the auto industry in China will "grow modestly" in 2016. For the fourth quarter, Ford's Asia Pacific operations enjoyed a record profit, and in combination with North America and Europe, this helped offset weakness in South America.
A good story for Ford out of China is the growth of its Lincoln brand. Some Chinese Lincoln dealers are beating out US dealers in terms of business, Shanks said.
Lincoln has been undergoing a brand revival at Ford for several years. After the financial crisis, there were serious discussions about killing the marque, but Ford decided to invest billions in a comeback. In China, this strategy is evidently starting to pay off as Lincoln is now firmly established in the luxury market.