Car giants plan venture
NZPA-Reuter Wolfsburg West Germany’s Volkswagen and the United States Ford Motor Company plan to make a joint venture of their loss-mak-ing operations in Brazil and Argentina, which will create one of the world’s largest car companies. Volkswagen said the boards of the two companies had approved the plan and detailed negotiations were continuing but no agreements have yet besn signed.
The project, to be named Autolatina SA, will be aimed at co-ordinating the activities of Volkswagen do Brasil and Ford Brasil as well as Volkswagen Argentina and Ford Motor Argentina. Volkswagen had said in June that the two firms were looking into co-oper-ating in Argentina and Brazil to cut costs and secure their subsidiaries’ positions on domestic and export markets.
Volkswagen and Ford
together own 15 plants in Brazil and Argentina with annual production capacity of 900,000 vehicles including cars, commercial vehicles and mediumsized trucks.
They employ 75,000 people in Brazil and Argentina and have a network of 1500 dealers.
Volkswagen and Ford’s turnover in the two countries totalled the equivalent of SUS 4 billion ($7.76 billion}) last year.
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Press, 27 November 1986, Page 40
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183Car giants plan venture Press, 27 November 1986, Page 40
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