Ford has suspended its assembly operations in Venezuela and said it is not planning to resume production until April of next year.
The decision is a blow to the efforts of the country's government to shore up confidence and stabilise an economy in crisis.
Go deeper with GlobalData
"It is a measure to adjust production to demand in the country," Lyle Watters, Ford's president for South America, told Reuters.
Reuters reported that Watters added the production freeze would not affect Ford's consolidated results as operations in Venezuela are reported separately.
The Reuters report also noted that Ford is the only automaker still mass producing cars in Venezuela.
National trade association Cavenez has produced data that shows Ford produced 2,253 units out of a national total of 2,768 in the year through November.
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By GlobalDataVenezuela's economy has been hit by a 'demonitisation' policy that has seen the 100-bolívar note suddenly withdrawn as legal tender earlier this month. It is the most valuable note in circulation, accounting for 77% of the nation's cash.
