Ford Motor Co. (F), the second-largest U.S. automaker, is reducing production in Venezuela as the South American country faces a shortage of hard currency.
Output fell about 75 percent in the fourth quarter last year from the rate Ford was running in the first three quarters of the year, and the company’s assumption for this year is that output will remain near the fourth-quarter level, he said.
Car sales in Venezuela fell 64 percent in December from a year ago to 2,959 units, the Caracas-based Automotive Chamber of Commerce said in a report posted on its website yesterday. Shortages of foreign currency have emptied Venezuelan shops of everything from shaving blades to milk as importers struggle to get dollars and prices rise at the fastest pace in the world with annual inflation of 56 percent.
Read full article…