- Ford Motor Co (NYSE:F) plans to slash about 3,000 salaried and contract jobs to concentrate on the electric vehicle business, Reuters reported.
- Most of the proposed jobs cuts will be in North America and India.
- Also View: Tata Motors Acquires Ford India’s Sanand Plant For $91M
- CEO Jim Farley had previously hinted that the automaker required a different skill set for the industry shift to electric vehicles and digital services.
- Also Read: Ford To Contest $1.7B Verdict Over Pickup Truck Accident
- “We are eliminating work, as well as reorganizing and simplifying functions throughout the business,” the report cited a joint email by Ford Chairman Bill Ford and CEO Farley.
- Recently, Ford has been aiming to catch up with rivals like Tesla, Inc (NASDAQ:TSLA) by scaling up its electric vehicle offerings.
- Related: Elon Musk Claps Back At Ford CEO’s Tesla Pickup Truck Jab: Here’s The Fight
- Price Action: F shares are trading lower by 5.29% at $15.05 on the last check Monday.
- Photo Via Company
What’s Going On With Ford Shares
Ford Motor Co (NYSE: F) shares are trading lower by 1.31% to $11.72 Friday morning. Shares of auto companies are trading lower on downward momentum and in possible sympathy with Tesla Inc, which this week fell after reporting a profit decline.
