- Ford Motor Co.
- 20 November 2024 16:12:55
Source: Sharecast
Ford said on Wednesday that the cuts were required as part of its plans to bolster the carmaker's competitiveness amid an industry-wide shift towards all-electric vehicles that has impacted sales.
The bulk of the cuts, which will take place over the next three years, will be in Germany, with as many as 2,900 jobs at risk. Most of the jobs affected will be white-collar roles but Ford noted that some manufacturing jobs would also be hit.
European vice president Dave Johnston said: "We are proud of our new product portfolio for Europe and committed to building a thriving business in Europe for generations to come.
"It is critical to take difficult but decisive action to ensure Ford's future competitiveness in Europe."
As of 1610 GMT, Ford shares were down 2.17% at $10.80 each.
Reporting by Iain Gilbert at Sharecast.com