Autos

Ford to spend $2 billion to close plants in India

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A man holds a petrol nozzle in a petrol pump in Kolkata, India, 03 July, 2021.

Indranil Aditya | NurPhoto | Getty Images

DETROIT – Ford Motor is ending vehicle production in India, shutting down its two large plants there and terminating thousands of employees as CEO Jim Farley restructures the automaker’s operations as part of a turnaround plan.

The company said Thursday that the actions will cost about $2 billion, including pretax special charges of about $600 million in 2021 and $1.2 billion in 2022. About $300 million of the $2 billion will be non-cash charges, including accelerated depreciation and amortization, according to the company.

Ford has two vehicle and engine plants –…



Source cnbc.com

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