Stock Market News

Ford to cut jobs in the US, Canada in a bid to trim costs

2023.06.27 10:05


© Reuters. FILE PHOTO: The Ford logo is pictured at the Ford Motor Co plant in Genk,Belgium December 17, 2014. REUTERS/Francois Lenoir/File Photo

By Aishwarya Nair

(Reuters) -Ford Motor Co said on Tuesday it will begin layoffs this week, impacting mostly engineering jobs in the U.S. and Canada, as part of the Detroit automaker’s move to exit unprofitable locations and cut headcount.

The development comes after the company said in May it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023.

The automaker did not specify the number of roles to be affected by the move. “People affected by the changes will be offered severance pay, benefits,” Ford said, adding the layoffs are not restricted to engineering roles.

“This is related to the Ford+ growth plan we introduced in 2021,” the company said in an emailed statement.

“Delivering on the plan includes adjusting staffing to match focused priorities and ambitions while raising quality and lowering costs,” Ford added.

The automaker’s latest effort to streamline operations comes after peers Stellantis NV and General Motors (NYSE:) said they were offering employee buyouts.

CNBC reported on Monday job cuts are expected to affect all three of Ford’s business units – Ford Blue, Model e, and Ford Pro. The Wall Street Journal reported last week the automaker was preparing for a new round of layoffs for its salaried workers in the United States.

In February, Ford also detailed plans to eliminate 3,800 product development and administration jobs in Europe in the next three years.

While price hikes and strong demand for new vehicles have helped automakers sail through inflationary headwinds to some extent, the high cost of raw materials continues to remain a challenge.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 81,934.95 3.08%
ethereum
Ethereum (ETH) $ 1,890.78 3.02%
tether
Tether (USDT) $ 0.999933 0.02%
xrp
XRP (XRP) $ 2.25 5.11%
bnb
BNB (BNB) $ 634.21 1.07%
solana
Solana (SOL) $ 124.21 4.31%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.692935 4.63%
dogecoin
Dogecoin (DOGE) $ 0.165385 5.86%
tron
TRON (TRX) $ 0.228161 3.76%
staked-ether
Lido Staked Ether (STETH) $ 1,888.93 2.93%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,687.89 3.16%
the-open-network
Toncoin (TON) $ 3.63 3.86%
leo-token
LEO Token (LEO) $ 9.73 0.73%
chainlink
Chainlink (LINK) $ 13.58 3.99%
usds
USDS (USDS) $ 0.999912 0.02%
stellar
Stellar (XLM) $ 0.269204 2.65%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,259.84 3.14%
pi-network
Pi Network (PI) $ 1.13 15.62%
hedera-hashgraph
Hedera (HBAR) $ 0.184846 4.91%
avalanche-2
Avalanche (AVAX) $ 18.46 2.80%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 5.78%
sui
Sui (SUI) $ 2.26 4.65%
mantra-dao
MANTRA (OM) $ 6.92 0.74%
litecoin
Litecoin (LTC) $ 88.22 5.97%
bitcoin-cash
Bitcoin Cash (BCH) $ 331.48 3.02%
polkadot
Polkadot (DOT) $ 4.33 2.14%
bitget-token
Bitget Token (BGB) $ 4.57 2.99%
ethena-usde
Ethena USDe (USDE) $ 0.999477 0.04%
weth
WETH (WETH) $ 1,890.63 3.01%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.03%
hyperliquid
Hyperliquid (HYPE) $ 13.42 1.32%
whitebit
WhiteBIT Coin (WBT) $ 28.20 1.09%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,008.36 2.99%
monero
Monero (XMR) $ 206.16 2.59%
uniswap
Uniswap (UNI) $ 6.17 3.14%
susds
sUSDS (SUSDS) $ 1.05 0.12%
dai
Dai (DAI) $ 0.99977 0.04%
aptos
Aptos (APT) $ 5.26 2.98%
okb
OKB (OKB) $ 50.46 0.18%
near
NEAR Protocol (NEAR) $ 2.53 5.68%
pepe
Pepe (PEPE) $ 0.000007 9.34%
mantle
Mantle (MNT) $ 0.805774 2.57%
internet-computer
Internet Computer (ICP) $ 5.67 5.61%
gatechain-token
Gate (GT) $ 21.59 1.77%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.90 0.13%
ethereum-classic
Ethereum Classic (ETC) $ 17.36 3.79%
ondo-finance
Ondo (ONDO) $ 0.81622 7.41%
aave
Aave (AAVE) $ 167.27 5.12%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 81,852.93 3.16%