Ford is reportedly planning to cut 8,000 jobs to help fund its EV plans

Ford is reportedly planning to cut up to 8,000 jobs in the coming weeks to fund its plans to build electric vehicles Bloomberg. The layoffs would come at the Ford Blue unit, which was recently formed to develop internal combustion engine (ICE) vehicles, and would affect other salaried positions at the company. The bulk of the cuts are expected to come in the US.

In March, Ford CEO Jim Farley restructured the company and split it into Ford Blue and Model E divisions, with the latter focusing on electric cars and pickups like the Mach E and F150 Lightning. As part of this, he announced plans to cut costs by $3 billion by 2026 with the goal of turning Ford Blue into “the profit and cash engine” for the entire company.

“As part of this, we have set clear targets to lower our cost structure to ensure we are lean and fully competitive with the best in the business,” said Mark Truby, Ford CCO Bloomberg in a statement without giving further details about the cuts. Ford currently employs approximately 31,000 salaried US workers.

In March, the automaker announced plans to increase EV spending to $50 billion and plan to build 2 million EVs by 2026. The company sold just 27,140 electric vehicles in the United States last year, but it posted a significant 76.6 percent increase last month when deliveries began for the F-150 Blitz.

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https://www.engadget.com/ford-is-reportedly-planning-to-cut-8000-jobs-to-help-fund-its-ev-plans-093550882.html?src=rss Ford is reportedly planning to cut 8,000 jobs to help fund its EV plans

Russell Falcon

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