Ford Reportedly Plans To Shrink Its Global Work Force By 10 Percent

A Ford hybrid vehicle on the assembly line in Wayne Michigan

Ford has almost 30,000 salaried employees in the US and over 200,000 worldwide.

The automaker confirmed that number Wednesday after reports this week that hundreds of layoffs were coming to boost profits.

The Ford Motor Co., with its stock price falling and US sales stalled, plans a 10 percent cut in its global salaried workforce, people briefed on the plan said.

Ford would not comment on job cuts when asked but did say it continued to be focused on core strategies in order to drive more profitable growth.

Ford's shares have lost more than a third of their value since Mark Fields became CEO in 2014.

In a statement, Ford said that it remains focused on "becoming as lean and efficient as possible" but didn't provide any specifics on what would be included in the separation offers. Since Fields became CEO in 2014, Ford's stock price has fallen almost 40 percent.

Ford said it will give employees details on the buyout packages in June.

There was no immediate comment from President Donald Trump, who needled Ford during his campaign over its plans to build a new small vehicle plant in Mexico.

More news: Oil Back On The Rise, As OPEC Deal Extension Seems Likely

At the start of the year it cancelled plans to build a new factory in Mexico after pressure from President Trump, who had also criticised General Motors' plans to produce cars there.

Ford last month committed to cutting costs by $3 billion this year, despite that commodity prices are up by $1 billion.

Investors are also unsure about Ford's heavy spending on technology with an uncertain future, like its recent investment of $1 billion in Argo AI, an artificial intelligence startup.

The shake up is part of a plan announced earlier to slash costs by $3 billion, Reuters said.

If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.

In 2016, Ford cut hundreds of white-collar jobs in Europe to reduce costs by $200 million annually. But Ford has been rolling out a series of temporary plant closings and layoffs since the USA automotive market began to slow a year ago.

Ford's profits dropped by 35 percent in the first quarter of 2017 as a result of rising costs, pricey recalls and a drop in fleet sales.

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