Ford CEO Jim Hackett discusses the future of the automaker, the decision behind ending production of some vehicles and how tariffs impact the company.videoFord CEO Hackett on restructuring at the automaker, how tariffs impact business

Ford CEO Jim Hackett discusses the future of the automaker, the decision behind ending production of some vehicles and how tariffs impact the company.

Ford Motor is to cut more than 5,000 jobs in Germany and an undetermined number of jobs in the U.K., a company spokeswoman said Friday, after the company launched plans to redefine its struggling European business earlier this year.

Continue Reading Below

"The goal is to significantly decrease structural costs, reduce bureaucracy, empower leaders and managers and eliminate less value-added work," a Ford spokeswoman said.

MORE FROM FOXBUSINESS.COMTARGET DISTANCES ITSELF FROM MOSSIMO LABEL AMID COLLEGE ADMISSION SCANDALWINKLEVOSS TWINS ON GEMINI, WHY BITCOIN MAY REPLACE GOLDMARIE-KONDO EFFECT: GOODWILL DOESN’T WANT YOUR JUNK

The move is part of an overhaul, aimed at transforming the company's European business, announced in January. At the time, the car maker said it would slash thousands of jobs in Europe. Last October, Ford had informed employees of a global restructuring.

The company has offered voluntary separation programs for employees in Germany and the U.K., the spokeswoman said. The number of cuts in the U.K. is yet to be determined, she said.

A spokesman added that further measures, including potential job cuts, will be required across its European operation, but that they are still under development.

CLICK HERE TO GET THE FOX BUSINESS APP

The vehicle industry is bracing for impact from electric vehicles and autonomous driving. Ford's Chief Executive Jim Hackett has been implementing sweeping cost-reduction measures.

Write to Donato Paolo Mancini at [email protected]; @donatopmancini

Source Link:
https://www.foxbusiness.com/markets/ford-slashes-more-than-5000-jobs-in-germany-cuts-to-come-across-europe

[-0.366468]

Comments

comments

Advertisement