Ford Conducts Engineering Jobs Cut In US, Canada: Report

Ford Motor Co F reportedly plans to commence layoffs this week in its engineering sections in the U.S. and Canada.

The job loss is expected to affect all three of its business units, reported CNBC.

The move comes as the auto manufacturing giant seeks to cut costs in order to realign its operations.

In its filing in May, Ford said it expected to take between $1.5 billion and $2 billion charges for employee separations and supplier settlements.

Also Read: US Energy Department To Loan $9.2B To Ford, SK JV To Set Up Battery Plants

In February, the company outlined actions to revitalize its European business.

Also Read: Ford, General Motors Optimistic On Demand

Price Action: F shares are trading higher by 0.28% at $14.15 in premarket on the last check Tuesday.