Ford Motor ( F ) said on Wednesday it would cut about 14 per cent of its European workforce, citing significant losses suffered by the company in recent years, combined with weak demand for electric vehicles, a lack of government support for the transition to electric vehicles and increased competition.
The U.S. company is the latest automaker to cut costs, following Nissan, Stellantis and General Motors, as the industry faces challenges from growing competition from European Chinese rivals, waning demand in China and a shift to electric vehicles that are out of reach for most consumers.
Ford said the 4,000 job cuts were mainly in Germany and Britain. Globally, the job cuts represent about 2.3 per cent of Ford’s 174,000 employees.
The moves will hit especially hard in Germany, Europe’s largest economy and biggest carmaker, where Volkswagen has threatened to close factories, slash wages and cut thousands of jobs to improve its competitiveness.
https://finance.yahoo.com/news/ford-cut-14-european-jobs-133149441.html