Ford Motor Co. announced on Monday plans to cease all production of its automobiles in Brazil this year after being actively operating in the South American country for over a century.
“We know these are very difficult, but necessary, actions to create a healthy and sustainable business,” the U.S.-based automaker’s new Chief Executive Officer Jim Farley said in a statement. “We are moving to a lean, asset-light business model by ceasing production in Brazil,” he continued.
