Ford is looking to cut costs and redirect funds.
Earlier this year, automotive manufacturer Ford announced its intent to begin refocusing on the development of electric vehicles. In order to facilitate this, the company is planning to undergo some major restructuring, starting with layoffs.
Ford plans to cut several thousand salaried jobs, people familiar with the matter say. The cuts are tied to auto maker’s goal of eliminating $3 billion in annual costs by 2026. https://t.co/bFaMDhzaqf
— The Wall Street Journal (@WSJ) July 21, 2022
According to a Bloomberg report, Ford is planning to ax approximately 8,000 jobs in order to cut costs and begin redirecting funds into the EV development effort. The majority of these cuts will be US-based jobs, and of those, a large portion of them occur within Ford’s ICE development unit, Ford Blue.
“As part of this, we have laid out clear targets to lower our cost structure to ensure we are lean and fully competitive with the best in the industry,” Chief Communications Officer Mark Truby told Bloomberg.
Ford is reportedly planning to cut 8,000 jobs to help fund its EV plans https://t.co/NNvT1YcC7W pic.twitter.com/HNka9DMdLa
— Engadget (@engadget) July 21, 2022
In addition to funding new projects, Ford is looking to trim excess expenditures and make the company leaner. This is all for the ultimate goal of slashing $3 billion from the company’s total operating costs by the year 2026.
“We have too many people,” Ford Chief Executive Officer Jim Farley, who put forth this plan earlier this year, said at a Wolfe Research auto conference in February. “This management team firmly believes that our ICE and BEV portfolios are under-earning.”
House Passes Bill to Defend Same-Sex Marriage
DALL-E Image Generator Opening to More Users
-
Michael Saylor, a prominent figure in the world of cryptocurrency, has seen significant gains this week as the value...
-
The Office for National Statistics (ONS) released official figures on Wednesday, revealing that the United Kingdom posted a record...
-
As scrutiny intensifies, Fujitsu faces repercussions for its role in the Post Office scandal. The UK government has issued...
-
Tech Billionaire Proposes Renaming Wikipedia to ‘Dickipedia’ in Exchange for Record Donation In a recent social media spectacle, tech...
-
Urgent IMF Deal Needed to Prevent Pakistan’s Economic Collapse, Bloomberg Warns Bloomberg, a renowned US-based financial news service, has...
-
Federal student loan borrowers are in a tough situation as the pause on loan payments, implemented during the pandemic,...
-
Silicon Valley Bank’s Acquisition Fallout: Rising Unemployment and Uncertain Future First Citizens BancShares Inc., the new Silicon Valley Bank...
-
President Joe Biden and House Speaker Kevin McCarthy engaged in crucial negotiations on Monday to address the US government’s...
-
Secure your financial future with the 50/30/20 rule! As the cost of living continues to increase in 2023, managing...
-
Common treatments and medicines are becoming more expensive and harder to get. According to a new report released this...
-
A California appeals court overturned the challenge to Proposition 22. Back in 2020, California voters passed Proposition 22, which...
-
Tesla is looking to spark interest in its most expensive models. In the last several months, prominent electric vehicle...