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MARKETS * Brazil & Argentina - Buoy Detroit's automakers
GM, Ford offset U.S. losses with gains south of equatorDetroit,Mich,USA -The Detroit News, by Bryce Hoffman -21 Aug 2007: -- Whoever says Ford Motor Co. and General Motors Corp. can't make money in the car business has never been to South America... While the two automakers struggle to pull their North American businesses back into the black, both are making record profits south of the equator. In the United States, declining demand for their cars and trucks has forced Ford and GM to shutter plants and lay off workers. In countries like Brazil and Argentina, they are investing millions just to keep up... Asia is grabbing the headlines, but South America also is booming because of surging global demand for the agricultural and industrial commodities produced here. In many countries on the continent -- though not all -- this has helped usher in an unprecedented era of political and economic stability, giving more people the money they need to buy a new car... As a result, South America has passed Asia to become the fastest growing regional vehicle market in the world... Although GM does not break out financial results for South America, its pretax profit for Latin America, Africa and the Middle East combined was $527 million last year, compared to a loss of $6.9 billion in North America. In South America alone, Ford made $661 million in 2006 -- up more than 65 percent over the previous year and far better than the nearly $16 billion loss the company reported for North America... (Photo by John T. Greilick / The Detroit News -Argentina gets back on track Workers build Ford Ranger pickups at the automaker's Pacheco plant in Buenos Aires, Argentina. More of a middle-class country, Argentina lacks the extremes of poverty and wealth of its neighbor Brazil, and it is bouncing back from one of the worst financial crises in its history)
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