US, Jan. 12 -- The decision is part of a restructuring plan aimed at improving financial performance. Although the company blamed the pandemic for exasperating years of losses and poor sales, it had announced plans to scale back in several markets before the outbreak, which included Brazil, along with the UK, France, Germany and Russia.
The company said in a statement it will cease production immediately at the factories "as the COVID-19 pandemic amplifies persistent industry idle capacity and slow sales that have resulted in years of significant losses." Research firm IHS Markit estimates that global car sales dropped about 15% in 2020. As we've previously reported, in Brazil, sales dropped 26%, the worst yearly record since 2016, and are...