Stock Market News

Ford Announces 3,000 Job Cuts

2022.08.22 19:42

Ford Announces 3,000 Job Cuts
Ford (F) Announces 3,000 Job Cuts

By Michael Elkins

Ford Motor Company (NYSE:F) announced on Monday that the company will cut 3,000 salaried and contract jobs as it restructures to catch up with Tesla (NASDAQ:TSLA) in the race for software driven electric vehicles. The cuts mark the company’s latest efforts to slash costs.

Ford Chief Executive Jim Farley has been saying for months that he believed the Dearborn, Mich. automaker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services.

“We are eliminating work, as well as reorganizing and simplifying functions throughout the business. You will hear more specifics from the leaders of your area of the business later this week,” Farley and Ford Chairman Bill Ford wrote in a joint email.

The workforce reduction mostly targets employees in the U.S., Canada and India. About 2,000 of the targeted cuts will be salaried jobs at the Dearborn, Mich., automaker.

In Monday’s email to staff, Farley and Ford said the company’s cost structure “is uncompetitive versus traditional and new competitors.”

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 84,064.52 1.36%
ethereum
Ethereum (ETH) $ 1,936.82 2.39%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.35 1.42%
bnb
BNB (BNB) $ 624.10 3.74%
solana
Solana (SOL) $ 128.88 1.21%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.720457 2.72%
dogecoin
Dogecoin (DOGE) $ 0.173858 2.84%
tron
TRON (TRX) $ 0.220097 3.38%
staked-ether
Lido Staked Ether (STETH) $ 1,934.94 2.65%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,851.47 1.16%
pi-network
Pi Network (PI) $ 1.35 3.01%
leo-token
LEO Token (LEO) $ 9.78 2.49%
chainlink
Chainlink (LINK) $ 14.12 5.06%
the-open-network
Toncoin (TON) $ 3.47 1.25%
stellar
Stellar (XLM) $ 0.274319 3.46%
usds
USDS (USDS) $ 1.00 0.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,317.26 2.71%
hedera-hashgraph
Hedera (HBAR) $ 0.192379 4.53%
avalanche-2
Avalanche (AVAX) $ 18.83 2.46%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.08%
sui
Sui (SUI) $ 2.34 4.52%
litecoin
Litecoin (LTC) $ 92.87 2.84%
mantra-dao
MANTRA (OM) $ 7.00 3.39%
polkadot
Polkadot (DOT) $ 4.42 2.37%
bitcoin-cash
Bitcoin Cash (BCH) $ 337.99 1.10%
ethena-usde
Ethena USDe (USDE) $ 0.999759 0.04%
weth
WETH (WETH) $ 1,934.58 2.20%
bitget-token
Bitget Token (BGB) $ 4.44 1.45%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.19%
hyperliquid
Hyperliquid (HYPE) $ 13.44 0.92%
whitebit
WhiteBIT Coin (WBT) $ 28.52 0.48%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,055.69 2.26%
monero
Monero (XMR) $ 210.89 0.35%
uniswap
Uniswap (UNI) $ 6.33 2.95%
susds
sUSDS (SUSDS) $ 1.04 0.10%
aptos
Aptos (APT) $ 5.37 4.08%
dai
Dai (DAI) $ 0.999845 0.02%
near
NEAR Protocol (NEAR) $ 2.64 5.09%
pepe
Pepe (PEPE) $ 0.000007 12.16%
okb
OKB (OKB) $ 50.82 3.89%
internet-computer
Internet Computer (ICP) $ 6.01 7.19%
mantle
Mantle (MNT) $ 0.817187 0.88%
ethereum-classic
Ethereum Classic (ETC) $ 18.12 3.65%
ondo-finance
Ondo (ONDO) $ 0.867123 5.84%
gatechain-token
Gate (GT) $ 21.97 3.09%
tokenize-xchange
Tokenize Xchange (TKX) $ 33.57 12.34%
aave
Aave (AAVE) $ 176.31 6.47%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,018.51 1.28%