SAO PAULO: Carmaker Ford said Monday losses exacerbated by the coronavirus epidemic would see it close its three factories in Brazil, where it has operated for a century, terminating some 5,000 jobs.
Losses continued despite progress made in phasing out unprofitable products, which included exiting the heavy truck business, cutting costs and launching new products, a company statement said.
A “sustained unfavorable economic environment and the additional burden of the pandemic made it clear that much more was necessary to create a sustainable and profitable future,” added Ford’s South America head Lyle Watters.
The Covid-10 pandemic, said the company, “amplifies persistent industry idle capacity and slow sales that have resulted in years of…
