The head of Ford’s Latin American business on Tuesday said the car maker may have to close its Venezuelan operations for a week every month to offset the impact of foreign exchange controls on production, Reuters said.
Go deeper with GlobalData
The currency controls have made it difficult for Ford to import car parts from Brazil into Venezuela, where the vehicles are assembled, Ford of South America president Richard Canny told the news agency.
“We are very worried about our ability to continue building in Venezuela,” he reportedly said at a breakfast with reporters celebrating Ford’s 84th anniversary in Brazil.
All foreign-owned vehicle assemblers in Venezuela have faced difficulties importing essential parts since President Hugo Chavez halted foreign currency trading in January, Reuters noted. Those difficulties have only worsened an already bleak sales outlook for the industry in the oil-rich country following a year of political turmoil that has pushed the economy further into recession.
See Also:
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
