Finance

Ford confirms 1400 job cuts and cost-cutting

Ford confirms 1400 job cuts and cost-cutting

Ford has 200,000 employees globally, half of which work in North America.

Ford is cutting 1,400 jobs in North America and Asia Pacific this year in an effort to boost profits.

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 plans to make the cuts through early retirements and "special separation packages" (also expected to be voluntary) for those not eligible for early retirement.

Ford Motor Co. on Wednesday said it plans to cut 10 percent of its salaried employees in North America and Asia to cut costs amid slowing sales and growing investments in new technology. Fields was grilled by his board last week and impugned by investors eager for a turnaround in Ford's declining earnings and shares.

Ford hasn't confirmed yet, saying "we have not announced any new people efficiency actions, nor do we comment on speculation". Ford's share price has fallen some 40 percent since Mark Fields became the automaker's CEO in 2014, even as sales rose.

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To make room for those vehicles, Ford is transferring production of several slow-selling passenger auto models, including the Focus, to Mexico. After seven straight years of growth, USA sales are starting to slow down, which will hurt automakers' profits.

Ford did not confirm the report to news agencies Monday evening. However, Ford is also investing heavily in future tech such as autonomous drive, electric vehicles and mobility solutions; and future profits might be affected.

The shake up is part of a plan announced earlier to slash costs by $3 billion, Reuters said.

Announcing employee layoffs that are projected to include up to 10 percent of the company's total workforce, the beleaguered automaker is seeking to turn its ailing stock prices and company value around.

Ford won praise from Trump when it announced in early January that it was scrapping plans for a plant in Mexico and would invest $700 million in a MI plant to build electric and self-driving cars.

Profits for the Detroit-based automaker fell 35% during the first quarter to $1.6 billion, the first such decline in seven years. It expects to rake in 9 billion dollars this year, down 1.4 billion dollars from 2016.


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