Ford (F) To Slash 8,000 Jobs To Boost EV Investment: Bloomberg - Ford Motor (NYSE:F)

Ford Motor Co 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 Read: Ford, 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.
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Ford To Slash 8,000 Jobs To Boost EV Investment: Bloomberg