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Auto plant closings expected.

BRASILIA -- Volkswagon, the largest auto maker in Brazil, expects to close a number of auto assembly plants in Latin America. Officials blamed "brutal competition" among car makers, as well as slumping markets over the last few years as Brazil and Argentina suffered through recessions. Brazil's auto producers ended 2000 with losses between $1.5 and $2 billion, about half of 1999's losses. Output of locally-built cars actually rose 24% to 1.67 million in 2000, but was still far below 1997's record output of 2.07 million units.
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Title Annotation:Volkswagen to close assembly plants in Latin America
Publication:America's Insider
Article Type:Brief Article
Geographic Code:3BRAZ
Date:Feb 22, 2001
Words:88
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