Ford lays off $82 million to expand Vietnamese plant



by   |  VIEW 414

Ford lays off $82 million to expand Vietnamese plant

Ford Motor Co., the Dearborn, Michigan-based US carmaker said on Tuesday, the 14th of January 2020 that the Detroit-carmaker was going to invest a lump-sum of $82 million at its assembling plant in the Northern Vietnamese city of Haiduong, as the United States’ No.

2 carmaker presumably was looking to step up its bet in South-eastern part of Asia. Aside from that, at a separate statement, Ford Vietnam, a JV of Ford Motor Co. and Song Cong Diesel, three fourths of which stakes were held by the US carmaker, said on Tuesday (January 14th) that its expanded factory in the Vietnamese city of Haiduong, formed back in the 1995s, 22 years after the nations had reached a war truce in 1973 following a protracted military confrontation, would boost the US carmaker’s annual output in Vietnam more than 40,000 vehicles per year.

As of now, Ford Motor Co. had invested roughly $120 million in Ford Vietnam and Ford’s JV in Vietnam currently manufactures roughly 14,000 units every year. On top of that, latest round of monetary stimulus from US carmaker Ford Motor Co.

in Vietnam, which had signed off a Paris Nuclear Accord back in the 9th of October, 2013 and shrugged off its Soviet-era economic system, came forth days after the company had reported a 31 per cent climb in sales to 31,175 units last year on an annualized basis.