Enthusiasts may bleed Ford blue, but the automaker has been hemorrhaging money green. To the tune of a $1.9 billion loss in the second quarter alone – and expecting the red trend to continue the rest of the year.
The automaker confirmed Wednesday that it plans to cut about 1,400 North American jobs.
Ford confirmed it will eliminate about 1,400 jobs in North America, the latest in a series of cost-cutting moves, as it struggles to reduce losses and get an $11 billion restructuring program on track. https://t.co/ywLTLT9dLz
— NBC Nightly News with Lester Holt (@NBCNightlyNews) September 2, 2020
While COVID-19 certainly hasn’t helped, Ford says the cuts weren’t forced by the pandemic. The company is in the middle of a multiyear $11 billion restructuring plan as it looks to compete in a changing marketplace.
Ford says it will offer voluntary reduction incentives for nearing retirement-eligible salaried US workers. Ford axed 7,000 global jobs last year.
What’s the next big thing in the automotive industry? Are you holding off buying a new car in anticipation of new tech?
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