Ford Latin America chief worried about Venezuela business

<a href=www.autonews.com>Reuters / June 17, 2003 SAO PAULO, Brazil -- The head of Ford Motor Co.'s Latin American business on Tuesday said the automaker may have to close its Venezuelan operations for a week every month to offset the impact of foreign exchange controls on production. The currency controls have made it difficult for Ford to import car parts from Brazil into Venezuela, where the vehicles are assembled, said Richard Canny, president of Ford of South America. "We are very worried about our ability to continue building in Venezuela," he said at a breakfast with reporters celebrating Ford's 84th anniversary in Brazil. All foreign-owned vehicle assemblers in Venezuela have faced difficulties importing essential parts since President Hugo Chavez halted foreign currency trading in January. Those difficulties have only worsened an already bleak sales outlook for the industry in the oil-rich country after a year of political turmoil that has pushed the economy further into recession.