Tech

Ford reportedly plans to cut 8,000 jobs to help fund its electric vehicle plans


Ford is reportedly planning to cut up to 8,000 jobs in the coming weeks in an effort to fund its plan to build electric vehicles, according to the report. Bloomberg. The layoffs will happen at its Ford Blue unit, recently created to develop internal combustion engine (ICE) vehicles, and will influence other salaried positions within the company. The majority of the cuts are expected to happen in the US.

In March, Ford CEO Jim Farley restructured the company, splitting it into Ford Blue and Model E divisions, with the latter dedicated to electric cars and pickup trucks such as Mach E and F150 Lightning. As part of that, he announced plans to cut costs by $3 billion by 2026, with the aim of making Ford Blue a “profit and cash engine” for the entire company.

“As part of this, we’ve set clear goals to reduce our cost structure to ensure we’re lean and fully competitive with the best in the industry,” said CCO Mark Truby of Ford said. Bloomberg in a statement, without disclosing further details about the cuts. Ford currently has about 31,000 salaried American workers.

In March, the automaker announced plans to increase spending on electric vehicles by $50 billion and plans to produce two million EVs by 2026. The company has sold just 27,140 EVs statewide. state last year, but increased significantly by 76.6% last month as Shipping begins for the F-150 Lightning.

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