[ad_1]
Ford has a bad year in 2018. Its stock is down 29% and the duties imposed by President Trump would have cost the company $ 1 billion, the company is in the process of restructuring. Now, the company announces layoffs.
Jim Hackett, Ford's CEO, is working on a $ 25.5 billion automaker restructuring, hoping to cut costs and stay competitive. the Wall Street newspaper reports. But auto sales are down, due in part to Trump's tariffs on metals and other goods. According to Bloomberg, Hackett said the company had already cost the company $ 1 billion in profits and that it could cause "more damage" if disputes are not resolved quickly.
According to NBC News, Ford, the No. 2 US automaker sales, is carrying out drastic job cuts as part of this reorganization. Although the company has not specified the number of jobs that will be lost, a Morgan Stanley report estimates "a worldwide workforce reduction of about 12%", or 24,000 of the 202,000 Ford workers worldwide. "
According to reports, job cuts are expected to take place early next year, but the Kansas City Star announced Tuesday that Ford had temporarily stopped the production of transit vans in Claycomo, Missouri. 2000 workers will remain inactive between 22 October and 4 November.
Despite the announcement of the layoffs, Ford shares closed down 3.4% Tuesday.
At a time when automakers are scrambling to prepare for autonomous cars, Ford is also struggling to keep pace with the rest of the industry. September was a bad month for US auto sales – with overall sales down 7% – but Ford's decline was even more severe. Ford announced a 11.2% drop in vehicle sales last month, with a 9% drop in sales of its best F-series pickup trucks.
Ford did not respond to The wealth request for comment.
Source link
