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published in Blogs

Feb 20, 2019

Ford (F, $8.94) to pull out of South America; other investments in the region to continue

Putting an end to its long struggle in South America, Ford Motors on Wednesday announced its plan to stop selling heavy trucks in the region in near future.

According to the company, the decision is in-line with its newly adopted restructuring plan, whereby the company would take steps to trim its operations and overhaul its business in less successful regions. The plan will likely take years to take shape and is expected to cost $11 billion.

Ford is likely to stop commercial production at its Sao Bernardo do Campo plant in Brazil this year, and would stop selling the Cargo lineup, F-4000 and F-350 trucks along with the Fiesta compact car once it sells all its inventory.

This is expected to result in a record pre-tax special item charges of about $460 million for the second largest U.S. automaker.

The automaker has been long struggling in the South American vehicle market, but this move does not mean a total pullback. Ford would still be invested in the region, as business here has been a mixture of good and bad, unlike many of its rivals like the General Motors (GM).

The President of the Ford of South America reiterates that the company is committed to investing in this region through renewed product offerings and outstanding customer service.

The company said earlier this year it plans to partner with German automaker Volkswagen on a number of initiatives in Europe, South America, and Africa. One example is the building of commercial vans and medium-sized pickup trucks as early as 2022.

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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