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Ford plans to cut up to 8,000 jobs to help fund electric vehicle business
By Arghyadeep Dutta - Jul 20, 2022, 04:21 PM ET
Last Updated - Mar 12, 2024, 09:46 AM EDT
Ford Motor Co (NYSE: F) is planning to cut as many as 8,000 jobs in the coming weeks as the carmaker tries to boost profits and turn its focus on the electric-vehicle market, Bloomberg reported on Wednesday, citing people familiar with the plan
Ford Motor Co (NYSE: F) is planning to cut as many as 8,000 jobs in the coming weeks as the carmaker tries to boost profits and turn its focus on the electric-vehicle market, Bloomberg reported on Wednesday, citing people familiar with the plan.
The job cuts will come in the newly created Ford Blue business unit, which produces gasoline vehicles, the report said.
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The move would mark a significant step in CEO Jim Farley’s plan to cut $3 billion in costs by 2026 and transform Ford Blue into “the profit and cash engine for the entire enterprise.”
In March, Farley restructured Ford, separating the gas-powered internal combustion engine (ICE) carmaking business from the “Model E” unit, which makes EVs.
Bloomberg report said the job cuts are expected to come in phases and are likely to begin this summer. Ford employs about 31,000 salaried workers in the US, where the bulk of the cuts is expected.
Farley has earlier said cutting staff is a key to boosting profits, which have faded on its battery electric vehicles (BEV) amid rising commodity and warranty costs.
“We have too many people,” Farley said at a Wolfe Research auto conference in February. “This management team firmly believes that our ICE and BEV portfolios are under-earning.”
Picture Credit: CNBC
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