Sharjah24 - AFP: Ford will stop manufacturing cars in India and expects to record a $2 billion restructuring charge after failing to find a "sustainable path" forward, the American auto giant said Thursday.
The announcement is the latest blow to Prime Minister Narendra Modi's efforts to urge foreign businesses to manufacture locally, after Harley-Davidson announced its withdrawal last year and General Motors in 2017.
Ford said it had accumulated operating losses of more than $2 billion over the past 10 years and an $800 million write-down of assets in 2019.
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