Ford expects 'significant' Q2 loss in South America
DETROIT (Reuters) -- Ford Motor Co. said it expected to incur a "significant" loss in South America in the current quarter mainly due to low sales volumes and changes to Venezuela's foreign exchange rate.
The company is also expected to report a bigger loss in South America in 2014, Joe Hinrichs, executive vice-president, said on Wednesday.
The automaker's loss in South America deteriorated to $510 million in the first quarter ended March 31, from $218 million last year due to the currency devaluation in Venezuela and Argentina.
The Venezuelan government in March opened a new currency platform meant to boost access to dollars.
Ford's operations in Venezuela were disrupted last month due to a lack of foreign currency to import parts for assembly.Contact Automotive News