Ford announces 4K job cut in EU amid 'highly disruptive' shift toward stricter EV emissions standards [FOX Business Network]
Ford Motor Company (F)
Last ford motor company earnings: 4/28 04:09 pm
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Source: FOX Business Network
emissions standards on electric vehicles , which the company cites as a key factor in its cutbacks. On Wednesday, the automotive giant announced that 4,000 jobs would be slashed across the U.K. and Europe by 2027 amid pressure to reach the European Union's goal of zero emissions by 2035. The loss equates to a 14% cut to the company's workforce in Europe, which, according to the Associated Press, currently stands at about 28,000 employees. The company said the cuts come in an effort to remain competitive in an industry where the "shift to electrified vehicles and new competition has been highly disruptive" to long-term sustainability. "The global auto industry continues to be in a period of significant disruption as it shifts to electrified mobility," Ford said in a statement. "The transformation is particularly intense in Europe, where automakers face significant competitive and economic headwinds while also tackling a misalignment between CO2 regulations and consumer demand for
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