Ford will cut 1,000 jobs in North America

Ford will cut 1,000 jobs in North America

September 1, 2020 0 By autotimesnews

Ford Motor Co. is preparing to cut about 1,000 paid jobs in North America to save money as part of a $ 11 billion global restructuring begun two years ago, as it forecasts operating losses this year.

The job cuts are aimed at improving the efficiency of the automaker and are not associated with the increase in costs due to the coronavirus pandemic. According to insiders, the announcement of the cut may appear as early as this week.

Ford is in the midst of a radical reorganization as it seeks to reverse falling fortunes and achieve what CEO Jim Hackett calls financial “fit.”

The company expects to report a full year operating loss for the first time in a decade. Last year, Ford closed factories and eliminated thousands of jobs in Europe, where it was losing money.

In North America – the automaker’s most lucrative region thanks to F-series pickups – the cuts are fewer and are expected to be voluntary. The new cuts are in addition to the 2,300 previously announced cuts in US wage jobs during Hackett’s rule.

Ford cut 7,000 full-time positions worldwide last year in its first round of global restructuring. These cuts were expected to save the company $ 600 million a year. As of the end of 2019, the automaker had 190,000 employees worldwide. A Ford spokesman declined to comment on the latest cuts.