Ford to cut global workforce by 10%

Ford to cut global workforce by 10%

Ford Motor Co.is looking at cost cuts, including personnel cuts high as 10 percent to its global operations, according to one report, amid plateauing US auto sales and slipping profits.

The report also said that the cuts were part of Ford's USD3bn target for cost cuts this year. The report states that the company's stock has fallen in the three years since Mark Fields become CEO. In fact, the company's statement emphasized the need to, at times, reduce costs. Ford's share price has suffered during Mr. Fields's three-year tenure, and the company's market value has slipped far behind those of Tesla Inc. and General Motors Co. Ford also plans to have self-driving cars on the streets by 2021.

The focus of the cost-cutting effort is on North America and Asia, people familiar with the plans said.

US auto sales have fallen for the past four months vs. a year earlier, with Ford, General Motors and most other automakers reporting bigger-than-expected declines in April. After the longest recovery in USA automotive history, and three years of record volume, sales are expected to slip this year. "Reducing costs and becoming as lean and efficient as possible also remain part of that work", it said.

Ford's global headcount sits at some 200,000 employees, so 10 percent comes out to about 20,000 potentially lost jobs. Reuters' source, who wasn't identified, said that Ford will emphasize the voluntary nature of the cuts, and disputed the "10%" figure reported by the Journal.

Paying down its debt so it has a bigger cash cushion going as the US auto industry heads into a period of slower new vehicle sales. Automakers have widespread shutdowns planned for the summer to adjust to the US vehicle market's recent slowdown following seven years of gains, conflicting with Mr. Trump's more upbeat portrayal of the state of the industry.

Ford remains focused on its core strategies to "drive profitable growth", the company said in a statement.

The company has been under pressure from shareholders about declining profits and a weak share price.

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