Ford pulls plug on India production after decade of losses
ABC News
Ford say it’s going to stop making vehicles for sale in India immediately as part of its efforts to return its business there to profitability, resulting in the loss of approximately 4,000 jobs
Ford will cease production in India for vehicles sold there by next year after logging accumulated operating losses of more than $2 billion over the past 10 years. The restructuring means job losses of about 4,000, the company said in a filing Thursday with U.S. Securities and Exchange Commission. Demand for new vehicles in India has been much weaker than forecast, CEO Jim Farley said in a prepared statement. Ford recorded nearly $1 billion non-operating write-down of assets in 2019, according to the company.More Related News