According to a report from Bloomberg, Ford's increased production of electric vehicles will cost up to 8,000 American jobs.
The move comes in order to increase profits to fund its push into the EV market.
Ford is preparing to cut as many as 8,000 jobs in the coming weeks as the automaker tries to boost profits to fund its push into the electric-vehicle market, sources say https://t.co/adI8jz8MLm via @business
— Victoria Benning (@VLBenning) July 20, 2022
Per the Bloomberg report:
The eliminations will come in the newly created Ford Blue unit responsible for producing internal combustion engine vehicles, as well as other salaried operations throughout the company, said the people, who asked not to be identified revealing internal discussions. The plan has not yet been finalized and details could still change.
The move would mark a significant step in Chief Executive Officer Jim Farley’s plan to cut $3 billion of costs by 2026. He has said he wants to transform Ford Blue into “the profit and cash engine for the entire enterprise.” In March, Farley radically restructured Ford, cleaving its carmaking in two by creating the “Model e” unit to scale up EV offerings and “Ford Blue” to focus on traditional gas burners like the Bronco sport-utility vehicle.
The job cuts are expected to come among Ford’s salaried ranks in a variety of operational functions, according to the people familiar. They may come in phases, but are likely to begin this summer, the people said. Ford employs about 31,000 salaried workers in the US, where the bulk of the cuts are expected.
“The funding for that $50 billion, it’s all based on our core automotive operations,” Farley said during a March interview with Bloomberg Television. “That’s why we created a separate group called Ford Blue, because we need them to be more profitable to fund this.”
At #Ford, we want charging to be for everyone. ?
That's why we are trialling new electric vehicle technology, the automated charging robot, which aims to help people with limited mobility charge their #EV using a robotic arm.
Discover more ?https://t.co/qWBtEgMVyj pic.twitter.com/ODm9WSjqso
— Ford News Europe (@FordNewsEurope) July 20, 2022
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