December 11, 2023

Ford Plans To Cut 3,800 Jobs In Europe – Ford Motor (NYSE:F)

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  • Ford Motor Co F has outlined actions that will revitalize its business in Europe and will enable it to profitably compete with a new line-up of passenger vehicles.
  • The company is restructuring its business in Europe, creating a leaner, more competitive cost structure, including eliminating 3,800 jobs over the next three years.
  • By 2025, Ford plans to resize its European engineering footprint, resulting in 2,800 fewer jobs. 
  • The changes are driven by the transition to fully electric powertrains and reduced vehicle complexity.
  • Ford will maintain an engineering organization of approximately 3,400 roles in Europe, focused on vehicle design and development, as well as the creation of connected services.
  • Also ReadFord Ropes In Key Tesla Supplier To Build $3.5B Battery Plant In Michigan
  • Additionally, a leaner cost structure will be created for Ford’s administrative, marketing, sales and distribution functions in Europe, which includes the elimination of approximately 1,000 positions.
  • “These are difficult decisions, not taken lightly. We recognize the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead,” said Martin Sander, General Manager of Ford Model e in Europe.
  • The company’s strategy to offer an all-electric fleet in Europe by 2035 remains unchanged. Production of Ford’s first European-built electric passenger vehicle is set to start later in 2023.
  • Price Action: F shares are trading higher by 0.61% at $13.17 in premarket on the last check Tuesday.
  • Photo Via Company

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