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Ford To Slash 8,000 Jobs To Boost EV Investment: Bloomberg

·1 min read
  • Ford Motor Co (NYSE: F) is planning to slash as many as 8,000 jobs to boost investment into electric vehicle manufacturing, Bloomberg reported.

  • The job loss is likely to happen in Ford's recently formed Ford Blue unit, which is in charge of internal combustion engine vehicle production and other operations.

  • In March, the company created electric vehicle and internal combustion businesses, Model e and Ford Blue, respectively, to compete and win against both new EV competitors and established automakers.

  • The major portion of the job cut is likely to happen in the U.S., where the auto major has about 31,000 salaried workers.

  • The report noted that Ford CEO, Jim Farley, hinted in February that leaner staff is a key to boosting profits.

  • "We have too many people," Farley said at a Wolfe Research auto conference in February. "This management team firmly believes that our ICE and BEV portfolios are under-earning."

  • Also ReadFord, GM Shares Are Surging: What's Going On?

  • Price Action: F shares are trading higher by 0.55% at $12.80 in premarket on the last check Thursday.

  • Photo Via Company

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