Ford to Cut 1400 Jobs in Profitability Push

22 Mai, 2017, 05:01 | Author: Marc Bacque

Ford is cutting 1,400 jobs in North America and Asia Pacific this year in an effort to boost profits.

The company said a large group of salaried workers would not be covered by the planned cuts, including those in product development and in the Ford Credit unit.

The move comes as the multi-year U.S. auto boom begins to ebb.

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.

The cuts are not expected to affect hourly workers at Ford's factories or operations in Europe and South America, which have already endured workforce reductions.

Ford's stock price has fallen almost 40 percent over the last three years as investors worry that USA sales are peaking.

Ford shares fell 0.4 percent in pre-market trading to $10.90. In March, Ford announced a plan to create or retain 130 jobs at a MI engine plant.

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Analysts say Ford has failed to respond effectively to dramatic shifts, notably the boom in light truck sales; utility vehicles and pickups now account for almost two-thirds of the American new vehicle market.

But that move set off a political firestorm during the presidential campaign a year ago, then-candidate Donald Trump launching a Twitter attack on Ford and threatening retaliatory measures, including a border tax.

What's more, the US auto market, where Ford makes the bulk of its profit, appears to have peaked in 2016, meaning Ford must find other areas to bolster the bottom line. "Car companies coming back to U.S. JOBS!"

"We're frustrated, but our business is performing well". Ford said it expects it will hit the targets through voluntary offers, spokesman Mike Moran said. Ford hired more than 15,000 factory workers between 2011 and 2015.

"We are continuing our intense concentration on cost and the factor for that is not just conscious of the current environment that we remain in, but also I believe preparing us a lot more for a slump scenario", CEO Mark Fields told experts.

Profits for the Detroit-based automaker fell 35% during the first quarter to $1.6 billion, the first such decline in seven years.

The Dearborn, Mich., auto maker has booked substantial profits in recent years, including two consecutive years of record earnings, but Ford's market capitalization earlier this year sunk below that of electric-car startup Tesla Inc.

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