Ford to End an Operation Running Since 1925

Starting in October 2016, Ford will no longer produce vehicles in Australia, the company says. "Our costs are double that of Europe and nearly four times Ford in Asia," says Ford Australia CEO Bob Graziano. Facing struggling sales and citing high wages, the firm will close its two plants in Victoria state, Reuters reports. The move will cut 1,200 jobs, the Wall Street Journal adds, noting that the company has made cars in the country since 1925. Last month, a strong Australian dollar pushed General Motors' Aussie operation to announce it would slash 500 jobs. (More Ford stories.)