Ford announces big cuts for Europe as part of a restructuring

Shunning online channels in favor of a media call, the company says it will slash thousands of jobs from its European operations as it tries to hit its target profit margin.

Ford Motor Co. says it has to make a strong move to avoid heavy losses overseas.

The company says it will stop manufacturing some models and hasn’t ruled out closing some factories. A spokesperson expressed hope that job cuts could be achieved by “voluntary means.”

The move, announced on a media call, is part of a larger restructuring plan devised after Ford saw net losses in 2018 in Europe and Asia.

CNN reported:

The US carmaker announced the changes on Thursday, framing the restructuring as part of a global overhaul that the company has said will cost $11 billion.

Ford (F) said it would end production of some unprofitable models and shift its strategy in difficult regional markets including Russia.

The carmaker said it would proceed with plans to close a transmissions plant in France, and it has started negotiations with unions about halting production of the C-Max compact car at a factory in Germany.

Reuters reported:

To read the full story, log in.
Become a Ragan Insider member to read this article and all other archived content.
Sign up today

Already a member? Log in here.
Learn more about Ragan Insider.