Ford shutters plants in Brazil to cut costs, effective immediately

Ford Motor Co. will stop manufacturing in Brazil in 2021 as part of a restructuring plan meant to cut costs and increase efficiency, the company announced Monday afternoon.

"With more than a century in South America and Brazil, we know these are very difficult, but necessary, actions to create a healthy and sustainable business," said Ford CEO Jim Farley in a statement.

"We are moving to a lean, asset-light business model by ceasing production in Brazil and serving customers with some of the best and most exciting vehicles in our global portfolio.

We will also accelerate bringing our customers the benefits of connectivity, electrification and autonomous technologies to efficiently address the need for cleaner and safer vehicles well into the future."

The Dearborn automaker said it would "immediately begin working closely with its unions and other stakeholders to develop an equitable and balanced plan to mitigate the impacts of ending production."

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