Ford (F) To Slash 8,000 Jobs To Boost EV Investment: Bloomberg

  • Ford Motor Co F is planning to slash as many as 8,000 jobs to boost investment into electric vehicle manufacturing, Bloomberg reported.
  • The job loss is likely to happen in Ford’s recently formed Ford Blue unit, which is in charge of internal combustion engine vehicle production and other operations.
  • In March, the company created electric vehicle and internal combustion businesses, Model e and Ford Blue, respectively, to compete and win against both new EV competitors and established automakers.
  • The major portion of the job cut is likely to happen in the U.S., where the auto major has about 31,000 salaried workers.
  • The report noted that Ford CEO, Jim Farley, hinted in February that leaner staff is a key to boosting profits.
  • “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.”
  • Also ReadFord, GM Shares Are Surging: What’s Going On?
  • Price Action: F shares are trading higher by 0.55% at $12.80 in premarket on the last check Thursday.
  • Photo Via Company

Image and article originally from Read the original article here.