Stalled European Electric Vehicle Sales Trigger 4,000 Job Cuts At Ford [Forbes]
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Source: Forbes
Getty Images Automobile manufacturing giant Ford has announced 4,000 job cuts across its European operations blaming stalled electric vehicle sales on the continent. The move is said to be part of a wider restructuring program, with the company's employees in Germany and the U.K. bearing the brunt of the announced cuts spread over the next three years. Ford's German workforce will see a reduction in headcount by 2,900 while 800 British jobs will also go, with the remaining 300 job cuts spread across Europe. A spokesperson in the U.K. said Ford had to act in the face of weak demand for EVs and challenging trading conditions. However, the company is aiming to achieve all the job cuts through largely "voluntary means" by the end of 2027, the spokesperson added. Challenging Climate While Ford committed $50 billion in 2023 towards developing a new range of EVs as well as expanding its current range, its foray has been anything but challenging. The latest announcement is the co
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SPGI
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- 10/25/24 - Beat
SPGI
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- 11/20/24 - Form 4
- 11/15/24 - Form 4
- 11/7/24 - Form 4
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