Ford plans to cut 10pc United States workforce

Ford Gets Ready to Cut Jobs

A person briefed on the plan said Ford plans to offer generous early retirement incentives to reduce its salaried headcount by October 1, but does not plan cuts to its hourly workforce or its production. The cuts are said to largely target salaried employees.

Ford Motor Co confirmed Wednesday that it plans to reduce 10% of its salaried workforce in its North America and Asia Pacific divisions this year.

Ford also said its European and South American workforce is not affected by the program because both of those regions have already gone through a similar restructuring program.

The job cuts are expected to be voluntary through the use of early retirement and separation packages, a Ford spokesman said.

Investors have been indifferent to Fields' plan to pour billions into new technologies like driverless cars and robo-taxis to take on upstarts like Uber Technologies Inc and Waymo, Alphabet Inc's self-driving spin-off.

Earlier this year, a leaked document seen by BBC Wales revealed that Ford was projecting a reduction of 1,160 workers at its plant in Bridgend by 2021 if no new projects came into the site.

Barclay's analyst Brian Johnson, who has a $15 target on the shares, said Ford's stock has suffered because the company isn't making splashy moves, like GM's investment in Lyft or Fiat Chrysler's tie-up with Waymo, Google's self-driving auto unit.

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Ford also isn't likely to cut jobs in its emerging businesses, such as its research center in Palo Alto, California.

The cuts are part of Ford's plan to save $3 billion, as vehicle sales have dropped after seven years of consecutive growth since the end of the global crisis.

Ford has not said how the new job cuts will impact its earnings for all of 2017.

Last week, Ford's directors held a "strategy session" to review the company's priorities, and stockholders were critical of the company at its annual shareholders meeting.

Ford's shares dropped 2 percent to $10.72 in afternoon trading.

Blessed with the best-selling vehicle in the USA, the enormously profitable F-series pickup truck, which would be a Fortune 500 company on its own, Ford remains endowed with strong financials.

The Detroit automakers have been under pressure from U.S. President Donald Trump to add jobs in the United States, but declining U.S. sales and stalled share values are exerting a stronger force.

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