Ford Reportedly Planning New Layoffs — US Salaried Employees Expected To Be Hit By Job Cuts

Automaker Ford Motor Co F is reportedly eyeing a new round of layoffs for its U.S. workforce in the coming weeks.

What Happened: The layoffs are expected to include U.S. salaried workers from gas-engine, electric vehicle and software divisions and could be announced as early as next week, the Wall Street Journal reported, citing people familiar with the matter. However, the number of layoffs is not known.

In August last year, Ford laid off about 3,000 staff members including salaried and contract employees from North America and India to concentrate on the EV business. In February, the company said that it will cut 3800 jobs in Europe over the next three years.

In response to inquiries, Ford stated that they do not have any additional information to share beyond what was reported in the Journal. The company said its ongoing management strategy involves aligning its global workforce to meet business objectives and remain cost competitive amidst industry changes. However, Ford also highlighted that it is actively hiring in strategic areas to ensure the company is equipped with the necessary skills and expertise to successfully execute its Ford+ plan.

Why It Matters: For the full-year 2022, Ford reported a net loss of $2 billion, as compared to a profit of $17.9 billion reported in 2021.

However, for this year, the company sees full-year adjusted EBIT of $9 billion to $11 billion and adjusted free cash flow of around $6 billion. It also expects a loss of $3 billion from its EV segment Ford Model e. But despite the expected loss, the company expects to touch a global run rate of 600,000 electric vehicle units by the end of 2023 and over 2 million by the end of 2026.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Rivian Shows Off ‘Enhanced Trip Planning’ A Day After Acquiring Mapping Company Iternio