Ford Motor Co. announced that it would cut a total of 3,000 jobs at its factories in North America and India due to restructuring to catch up with Tesla in the race to develop electric vehicles.
“We are eliminating these jobs as well as redesigning and simplifying jobs… the company’s cost structure is uncompetitive compared to traditional and new competitors,” CEO Jim Farley and company president Bill Ford said in a joint email.
Farley said a few months ago that he thinks the company has too many employees and that its workforce has the skills it needs as the auto industry shifts to electric vehicles and digital services.
Higher prices for batteries, raw materials and shipping are putting more pressure on Ford and other automakers. However, Ford stuck to its profit forecast for the full year despite a $3 billion increase in costs due to inflation.
Source: car