Ford stops production in Brazil

Ford Motor Company F,
+ 3.33%
On Monday it was shutting down production in Brazil, immediately shutting down two plants and another by the end of the year, reducing sales of some Brazilian-made vehicles, as inventory is sold. Ford said manufacturing operations in Argentina and Uruguay and sales companies in other markets in South America are not affected. The company said it would maintain its regional headquarters in São Paulo, along with some customer-support, product-development and related functions in Brazil. The auto maker said it would “facilitate potentially reasonable options” for handling plants available to interested plants. In connection with this decision, Ford expects a pre-tax charge of around $ 4.1 billion, including about $ 2.5 billion in 2020 and $ 1.6 billion in 2021. Ford shares recently gained 2.3% of the news. The stock has lost 0.3% over the last 12 months, with a gain of about 17% for the S&P 500 index. SPX,


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