Dollar Shortage Prompts Ford to Trim Output in Venezuela

Ford Motor Co. COO Mark Fields says the company cut production in Venezuela about 75% in the fourth quarter of 2013 because U.S. dollars there are in such short supply.

He tells reporters the company assumes its output will remain at 25% of normal levels until the scarcity of hard currency eases.

Overall car sales in Venezuela last month plunged nearly two-thirds to 3,000 units, according to Bloomberg News, which cites the Automotive Chamber of Commerce in Caracas.

President Nicolas Maduro announced last month he will sign legislation that would allow the government to set new-car prices, require weekly domestic production reports from carmakers and prohibit used-car prices from exceeding those of new models.

The measures are part of an attempt to curb Venezuela's 56% annual inflation rate.