Economy

Ford might cut global workforce by 10 percent, reports claim

Ford might cut global workforce by 10 percent, reports claim

The company has 200,000 employees globally, half work in the U.S.

The job cuts come following healthy profits and record sales in recent years, though the numbers have been on the decline since the start of 2017.

The company will offer early retirement incentives to workers in the hope that can reduce its headcount by October 1.

These priorities include focusing on bolstering the most profitable elements of its core business, investing prudently, yet aggressively in emerging opportunities, and revamping underperforming areas of its core business.

Ford Motor Co F.N said on Wednesday it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives as the No. 2 US automaker looks to boost its sagging stock price. Ford said last August that it planned to hire more than 100 engineers, researchers and others in Palo Alto. This, along with renewed efforts to hike profits, are parts of CEO Mark Fields' plans to address Ford's falling share price.

The buyout offers were a fraction of the 20,000 job cuts that some news outlets had reported Ford could announce this week. The second-largest automaker has also been trying to boost its stock price, which has tumbled about 40 percent since Mark Fields became CEO almost three years ago. "Full details about the voluntary packages and how the program will work will be communicated with employees in early June", Ford said in an emailed statement to MarketWatch.

To make room for those vehicles, Ford is transferring production of several slow-selling passenger auto models, including the Focus, to Mexico.

Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in MI. "Car companies coming back to U.S. JOBS!"

While Shanks said the rest of the year would remain flat against the previous fiscal, changed market dynamics with the United States auto sales taking a turn from a record-growth phase could bring the company's North America margins further down further after a significant drop in the most recent quarter.

Investors have been indifferent to Fields' plan to pour billions into new technologies like driverless cars and robo-taxis to take on upstarts like Uber Technologies Inc and Waymo, Alphabet Inc's self-driving spin-off.

If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.

It was unclear Monday night whether any potential cuts would affect any of the company's hourly workforce.

Ford's net income fell 35 percent to $1.6 billion in the first quarter.


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