- Ford Motor Company F is reportedly planning to slash 3,200 positions across Europe.
- The job cuts will largely be focused in Germany and will affect administrative and product development roles, Bloomberg reported, citing IG Metall union.
- The reduction will account for 65% of development jobs in Europe and 20% of administrative positions.
- The number of reductions emerged in an extraordinary works council meeting at the carmaker’s factory in Cologne, the report cited an IG Metall spokesperson.
- The move comes after the auto major reduced 3,000 jobs in the U.S. in 2H22.
- The report further added that CEO Jim Farley aims for $3 billion in cuts to accelerate profits from traditional internal combustion engine models and use it to develop electric vehicles.
- Price Action: F shares are trading higher by 3.87% at $12.88 on the last check Monday.
- Photo Via Company
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