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High costs, currency push Ford out of Australia car manufacturing

Ford Motor Co will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining boom.Ford Australia will close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows, both in Victoria state, with the loss of 1,200 jobs, Ford Australia Chief Executive Bob Graziano said on Thursday, the latest election-year blow to the struggling Labor government.Ford, which built 37,000 vehicles in Australia last year, has been in the country since 1925 and employs more than 3,000 people. But it has been battling sliding sales, high costs and an Australian dollar trading above the U.S. currency."Our costs are double that of Europe and nearly four times Ford in Asia," Graziano said. "The business case simply did not stack up. Manufacturing is not viable for Ford in Australia."Ford's decision to close its local production highlights the ch...

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  1. Ford to End Australia Car Manufacturing

    Ford Motor Co. (F) said it would stop producing cars in Australia in 2016, foreshadowing hefty job losses in a setback for a government that has invested heavily in ...

  2. GM gearing up for big ad push for crucial new pickups: executive

    The launch of General Motors Co's redesigned Chevrolet Silverado, the most important since the automaker's bankruptcy and $50 billion taxpayer-funded bailout in 2009...

  3. European car sales end losing streak, respite may be brief

    Europe's ailing car market ended a streak of 18 straight months of falling sales, though a number of one-off factors suggested that a sustained recovery will be hard...

  4. Tata Motors Global Vehicle Sales Fall for Sixth Straight Month

    Tata Motors Ltd. (500570.BY) said Wednesday its global vehicle sales dropped for the sixth straight month in April as weak demand in India offset robust sales at its...

  5. DIY Retailers Cheer Housing Recovery

    As the housing market shows signs of life, home-improvement retailers are cheering.For the last few years, companies like Home Depot (NYSE:HD) and Lowe's (NYSE:LOW) ...

  6. Auto industry love for Mexico grows with new Audi plant

    The automotive industry's growing love affair with Mexico was celebrated here on Saturday as Audi executives laid the foundation stone for its first assembly plant i...

  7. Delphi Automotive 1st-Quarter Profit Drops on Europe Weakness

    Delphi Automotive PLC's (DLPH) revenue edged lower in the first quarter, hurt by weakness in Europe, but Chief Executive Rodney O'Neal said Wednesday the economicall...

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