DETROIT — Ford Credit score mentioned Monday it might stop operations in Brazil and Argentina by the top of 2021, a transfer that can price the corporate $375 million, according to a filing with the Securities and Alternate Fee.

The particular cost, a majority of which might be booked this yr and are available from international forex translation losses, is along with the $4.1 billion hit Ford Motor Co. mentioned in January it might take to end production in Brazil because it focuses on extra worthwhile markets.

“To reinforce Ford’s new enterprise mannequin in South America, together with bettering competitiveness and greatest serving prospects and sellers, Ford Credit score has been assessing fashions underneath a wide range of eventualities to supply optimum help. The transition of Ford seller wholesale financing to most well-liked financial institution suppliers in Brazil and Argentina is a results of that evaluation,” a Ford Credit score spokeswoman mentioned in an announcement. “Retail prospects are served already via most well-liked suppliers.”

The spokeswoman declined to say what number of job losses would end result, noting it was working to put workers with different Ford operations. Ford mentioned within the submitting $10 million could be paid in money for worker separations.

Ford’s captive finance arm has been a vivid spot financially lately. Within the first quarter of 2021, the lender posted a $962 million profit, fueled by robust car costs amid the semiconductor scarcity and favorable comparisons to 2020.