Ford Motor Slashes 580 Jobs, Mainly In Engineering: CNBC

Ford Motor Co F is slashing 580 U.S. salaried employees and agency workers as part of its ongoing Ford+ turnaround plan, CNBC reported.
The job loss includes 350 salaried and 230 agency positions, mostly in engineering.
The move comes as the auto major moves away from making vehicles with internal combustion engines, steering towards electrification.
The company is also in the process of reorganizing its operations to separate its electric and internal combustion engine businesses into different units.
The report quoted the company stating, "We continue to align staffing around the critical skills needed to deliver our products, services, and the Ford+ plan."
Ford said eligible employees would receive benefits continuation and severance equal to up to nine months of pay based on service.
Price Action: F shares traded higher by 2.89% at $15.28 on the last check Thursday.
Photo via company website