Ford to slash 4,000 jobs in Europe amid economic headwinds and weak EV sales [CBS News]
Ford Motor Company (F)
Last ford motor company earnings: 4/28 04:09 pm
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Source: CBS News
Ford said Wednesday most of the job cuts would come in Germany and would be carried out in consultation with employee representatives. Of the total, 2,900 jobs would be lost in Germany, 800 in Britain and 300 in other European Union countries. Ford has 28,000 employees in Europe and 174,000 worldwide. "The global auto industry continues to be in a period of significant disruption as it shifts to electrified mobility," the company 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 electrified vehicles," the statement said. In Europe, automakers must sell enough electric vehicles to meet new, lower limits for fleet average carbon dioxide emissions in 2025, and face a longer-term 2035 EU goal of reducing emissions to zero, which would mean the elimination of most vehicles with internal combustion engines.
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