Ford is ending production in India and taking a $2 billion hit in the process
CNN
Ford is ending production in India and taking a hit of $2 billion as it retrenches from a market that has been almost impossible for American automakers to break into.
In an announcement Thursday, the company said that roughly 4,000 employees will be laid off and manufacturing will end immediately. CEO Jim Farley said the move was "difficult but necessary" to achieve long-term growth. "Despite investing significantly in India, Ford has accumulated more than $2 billion of operating losses over the past 10 years and demand for new vehicles has been much weaker than forecast," Farley said.
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