Ford Announces 1400 Salaried Job Cuts

19 Mai, 2017, 22:27 | Author: Marc Bacque

The move comes as Ford struggles to boost sales and earnings after a sharp slump in recent months. Since Fields became CEO in 2014, Ford's stock price has fallen almost 40 percent.

Ford Motor said Wednesday it would cut its salaried workforce in North America and Asia by almost 10% as it seeks to boost profitability amid a falling stock price.

Job cuts form part of Ford's previously announced strategy to generate $3 billion in cost reductions, a target that the company's management team believes is necessary to boost profitability in the face of flagging sales in the world's two largest auto markets, the USA and China.

Ford, in an official statement, did not confirm it is slashing jobs.

The buyouts are part of a strategy Ford laid out last September at its investor day conference, when CFO Bob Shanks said the automaker would be looking to save about $3 billion per year each of the next three years as costs rise.

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Ford's profits dropped by 35 percent in the first quarter of 2017 as a result of rising costs, pricey recalls and a drop in fleet sales.

Ford's shares have lost more than a third of their value since Mark Fields became CEO in 2014. Earlier this year, it announced it would add 700 workers to a suburban Detroit plant in 2018 to make electric and self-driving vehicles. But that move set off a political firestorm during the presidential campaign past year, then-candidate Donald Trump launching a Twitter attack on Ford and threatening retaliatory measures, including a border tax.

After seemingly appeasing US president Donald Trump past year with the cancellation of a proposed $1.7 billion (Rs 10,738 crore) Mexico-based factory and the announcement of a $700 million (Rs 4,421 crore) investment into a plant in Michigan, US, the move could anger the famously nationalistic Republican president. In reality, the maker said it changed plans due to declining passenger auto demand. About half of Ford's employees live in America. The good news - for now - is that it won't impact hourly employees.

Blessed with the best-selling vehicle in the USA, the enormously profitable F-series pickup truck, which would be a Fortune 500 company on its own, Ford remains endowed with strong financials.

"We have not announced any new people efficiency actions, nor do we comment on speculation", he said. It expects to rake in 9 billion dollars this year, down 1.4 billion dollars from 2016.

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