Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Ford Motor Co (F) said on Tuesday that it intended to cut one in nine jobs in product development and administration across Europe as part of a global cost-cutting effort.

A total of 3,800 jobs are expected to be cut, including 2,300 at Ford’s Cologne and Aachen facilities in Germany, 1,300 in the United Kingdom and 200 in the rest of Europe.

It added the cuts would be achieved through voluntary programmes.

The company said reductions were required in order to “revitalise business in Europe.”

Ford had announced last year it would spend $50 billion on product range electrification, with higher prices expected to make up for rising costs of EV production.

Ford’s Chief Financial Officer John Lawler had said earlier this month the auto maker faced $5 billion in higher costs this year. He also said Ford would be “very aggressive” in expense reduction in its manufacturing and supply chain operations.

According to the CFO, productivity of engineers in Europe was 25% to 30% lower than expected.

The shares of Ford Motor Company closed 2.83% ($0.36) higher at $13.09 in New York on Monday, with the auto maker’s total market cap now standing at $52.18 billion.

The shares of Ford Motor Co went down 44.01% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • eBay Inc. share price soars, to spin off PayPal in 2015 after investor pressureeBay Inc. share price soars, to spin off PayPal in 2015 after investor pressure The largest online marketplace – eBay Inc. revealed in a statement today that it intends to spin off its payments unit PayPal next year, turning it into a separate entity. The company finally gave in to pressure from activist shareholder Carl […]
  • Dell shareholders to face takeover offerDell shareholders to face takeover offer The board at Dell said that a takeover offer would be acting in best interest of companys shareholders. Dells founder and CEO Michael Dell has offered $13.65 per share to take the company private, according to filings with the Securities and […]
  • Aussie climbed against US dollar despite disappointing building approvals dataAussie climbed against US dollar despite disappointing building approvals data Australian dollar traded at lower levels against the US peer on Thursday, following the release of weaker than expected data from Australia, regarding building approvals.AUD/USD pair reached a session high at 0.9133 in the later phase of […]
  • USD/SEK falls to 2-week low, next round of US tariffs loomsUSD/SEK falls to 2-week low, next round of US tariffs looms The USD/SEK currency pair hovered just above a fresh two-week low of 10.0063 on Tuesday, as market players' main focus was the upcoming reciprocal tariffs, promised by the Trump administration on April 2nd.Although US President Trump said […]
  • Forex Market: USD/SEK daily forecastForex Market: USD/SEK daily forecast During Friday’s trading session USD/SEK traded within the range of 6.6392-6.6951 and closed at 6.6883.At 6:14 GMT today USD/SEK was losing 0.05% for the day to trade at 6.6852. The pair touched a daily low at 6.6800 at 6:10 […]
  • Crude oil trading outlook: futures cut overnight lossesCrude oil trading outlook: futures cut overnight losses Brent and West Texas Intermediate edged up on Wednesday, regaining a fraction of the recent losses to mark a second daily increase out of seven trading sessions.January US crude gained 1.21% on Wednesday to $67.69 per barrel by 09:10 GMT. […]