Ford cuts 3,000 jobs to fund shift towards EVs

Bloomberg

Ford Motor Co said it is cutting 3,000 jobs in a move to boost profits as it seeks to fund the $50 billion it plans to spend on electric vehicles.
The cuts will come primarily in the US, while some positions also are being eliminated in Canada and India, a company spokesman said. The total includes 2,000 salaried workers and 1,000 contract personnel.
Ford plans to build 2 million electric vehicles a year by the end of 2026, up from less than 30,000 last year, as it seeks to catch EV leader Tesla Inc. To finance its ambitions, Chief Executive Officer Jim has said he wants to make more money on traditional gasoline-fueled vehicles like the Bronco sport-utility vehicle.
He has repeatedly said the company has too many workers.
“Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century,” Farley and Executive Chairman Bill Ford wrote in a memo to employees. “This is a difficult and emotional time. The people leaving the company this week are friends and coworkers and we want to thank them for all they have contributed.”
A spokesman didn’t rule out additional job cuts. Bloomberg previously reported Ford is considering cutting as many as 8,000 jobs.