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Ed Cofrancesco, CEO of International Assets Advisory, defends his winner for the electric vehicle manufacturer.
Ford Motor Co. is offering some of its U.S. employees voluntary early buyouts as the company strives to transform its operations to meet its electric vehicle production targets.
A spokesperson for the Dearborn, Mich.-Based automaker told FOX Business that Ford expects the takeover offers to cut 1,000 jobs.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 13.71 | +0.39 | + 2.93% |
AMERICAN AUTOMAKERS COMMIT TO SELL 40-50% OF ELECTRIC VEHICLES BY 2030, WITH A
“We are reshaping our workforce to match the skills and critical positions needed to continue transforming our business,” the spokesperson said in an email confirming the voluntary separation program. “Staff adjustments, including hiring and terminations, are part of a multi-year process to align talent with our cycle and department. “
A Ford employee works on an assembly line. (Ford)
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Ford plans to spend more on producing electric vehicles than combustion engine vehicles in 2023 and has pledged that electric vehicles will account for 40-50% of its sales in the United States by 2030.
It was one of many automakers to make the pledge ahead of a meeting with President Biden on Thursday. Biden signed a non-binding executive order promoting the goal, calling it an electric “vision of the future”.
“Battery electric, rechargeable electric, hybrid electric, fuel cell electric – it’s electric, and there’s no turning back,” Biden said. “The question is whether we are going to lead or fall behind in the race for the future.”
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