Uruguay's first “unicorn” (an emerging technology-based company worth over US $ 1 billion) local is reportedly planning to land on Wall Street, according to Bloomberg.
Despite all pandemic-related setbacks, Ford's carmaking plant in Pacheco, 30 kilometres northwest of the Autonomous City of Buenos Aires (CABA) in Argentina, has increased its output of the Ranger model, for which 256 new personnel has been hired, it was reported.
Brazil’s President Jair Bolsonaro attributed Ford Motor Co.’s decision to close its three plants in Brazil to the end of multibillion-dollar subsidies from the government.
Carmaker Ford said on Monday losses exacerbated by the coronavirus epidemic and fiscal uncertainties would see it close its three factories in Brazil, where it has operated for a century, terminating some 5,000 jobs.
U.S. automaker Ford on Tuesday announced it will invest 580 million U.S. dollars in Argentina to manufacture the next generation of its Ranger model truck at its plant in the city of General Pacheco, in northern Greater Buenos Aires.
The Argentine auto industry bottomed out in April, the first full month of the quarantine in force in the country since March 20. With all its factories closed since that day, not a single vehicle left the assembly lines, a catastrophe without historical precedent. But little by little, last week they came back to life under strict sanitary protocols, with only one shift per day and production at one-third of the installed capacity.
Mexico's auto industry reopening picked up the pace on Tuesday, with Fiat, Chrysler, and BMW AG joining peers in gradually dusting off operations even as the wait for approvals slowed the return of Ford Motor Co and other companies.
Brazilian automaker CAOA reached an initial agreement to buy Ford Motor Co's plant in Sao Bernardo do Campo, the companies said on Tuesday, but CAOA could slash 1,300 jobs, according to the union representing the plant's workers.
The founder of Brazilian automaker CAOA said on Monday he is negotiating with Chinese business executives to make a joint acquisition of a Ford Motor Co plant near Sao Paulo.
Ford Motor Co said it had reached an agreement with the workers’ union at a historic Brazil plant it plans to shutter by the end of the year, paving the way for a friendly shutdown or potential takeover by a local buyer.