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Ford exec sees overcapacity

The auto industry has built too much factory capacity in emerging markets, Ford Motor (F)COO Mark Fields said. It has spent billions to build factories in BRIC nations — Brazil, Russia, India and China — to offset likely moderating U.S. growth and weak demand in Europe. Fields said it's "clearly a case where the eyes have been bigger than the stomach" for carmakers, according to the Financial Times. KPMG said in its '14 annual executive survey that three-fourths of execs fear overcapacity risk is high. Ford rose 1.1% to 15.37.