Ford plans to cease Australian production by 2016

  • Ford Motor is to close all its Australian manufacturing plants by October 2016.

    The decision comes after the U.S. car giant said on Thursday its Australian operations had posted a loss of $580 million over the last five years.

    Ford has been making cars for more than 85 years in the country.

    Some 1,200 workers are to lose their jobs at plants in Victoria state.

    An appreciation of the Australian dollar is partly to blame for the move.

    Over the past year, the Australian dollar has risen 29 percent against the Japanese yen resulting in Australian products being less competitive, which has hit the local car manufacturing industry.

    Tagged as: Business news, Ford, Ford motors, Ford to close Australian production