Ford Motor Co. (F: Quote) plans to put an end to over 90 years of car production in Australia in October 2016, citing high costs, leading to job losses of around 1200, reports said.
The U.S. automaker has been producing cars in Australia since 1925. It also imports some models such as the Fiesta, Focus and Ranger for sale here.
Ford has reportedly incurred about $588 million of losses in Australia in the past five years due to cost pressures. The Australian dollar also has been strong for some time now. The Aussie traded near 30-year highs for most of the past two years.
F rose marginally on Wednesday to close at $14.97.
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by RTT Staff Writer
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