Ford quits heavy-truck business in South America at a cost of $460 million
Ford Motor Co. said Monday it will end its commercial heavy-truck business in South America, calling the move a "key step toward returning" its operations in the region to "sustainable profitability." Production at a Sao Paulo state's plant will end this year and sales of commercial trucks, as well as the Ford Fiesta compact car available for South America, will end once inventory is sold, the car maker said in a statement. The company expects to record pre-tax charges of around $460 million in connection to the announcement, it said. Shares of Ford rose 2.3% Monday. The shares are down nearly 18% in the past 12 months, contrasting with gains of around 1.8% for the S&P 500 index in the same period.
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