Ford Venezuela to sell pickups, SUVs in dollars: union [View all]

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http://www.reuters.com/article/2015/05/13/us-venezuela-autos-idUSKBN0NY2H820150513


The Venezuela division of Ford Motor Co (F.N) will sell pickups and sport utility vehicles in dollars, a union leader said on Wednesday, part of a deal with the government to restart operations stalled for lack of hard currency to import parts.

The country's auto assembly has tumbled as companies struggle to obtain greenbacks through the 12-year-old currency controls, which have also left companies unable to repatriate revenue from their Venezuela operations.

"We're doing this to avoid closing the plant," said Gilberto Troya, president of the United Socialist Victorious Union of Ford workers, at a press conference.

Critics have pounced on the dollarized sales of cars as a sign of the economy's decay, noting that the vast majority of Venezuelans have no access to greenbacks.