Ford pulls plug on India production after decade of losses – Your Valley

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 …

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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.
Ford will wind down production in Sanand, a vehicle and engine assembly plant with about 3,000 workers, by the fourth quarter. Vehicle and engine manufacturing in Chennai, which employs around 5,000, will end by the second quarter of next year.
Parts service, and warranty support in India will still be available, Ford said.
Ford Motor Co. will start importing and selling vehicles like the Mustang coupe in India and will be part of its plan to deliver all-new hybrid and fully electric vehicles to customers. Sales of current products such as Figo, Aspire, Freestyle, EcoSport and Endeavour will stop once existing dealer inventories are sold.
The company anticipates pre-tax special item charges of about $2 billion. This includes approximately $600 million this year, about $1.2 billion in 2022 and the balance in subsequent years.
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