Today, Ford pulls out of Brazil in a move affecting thousands of workers in the auto industry. Brazil’s stock market volume rivaling GDP for the first time. Official 2020 inflation figures to be announced today.
Ford exit highlights Brazil’s auto industry woes
The Ford Motor Company announced the closure of its three plants in Brazil this year, after the pandemic “amplified a persistent idle capacity and underperforming sales, resulting in years of significant losses.” Factories in the states of Bahia and São Paulo will be immediately shut down, with a third in Ceará following suit by Q4 2021.