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Ford to cut 1400 jobs in North America and Asia

18 Mai 2017

Barclay's analyst Brian Johnson, who has a $15 target on the shares, said Ford's stock has suffered because the company isn't making splashy moves, like GM's investment in Lyft or Fiat Chrysler's tie-up with Waymo, Google's self-driving vehicle unit.

Ford is pouring billions into developing driverless cars, while sales of its conventional models are struggling to keep pace with rivals including General Motors Co. amid a slowing US auto market.

Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in MI.

The voluntary incentives offers will go to about 9,600 of 30,000 US salaried workers, the company said. Those departments account for more than 11,000 salaried employees in North America - 9,600 of which are in the USA - and more than 4,000 in the Asia Pacific region. Factory workers and white-collar employees in Ford's plants won't be affected.

Certain areas of the business won't be targeted, including Ford's product development and credit divisions.

Ford also isn't likely to cut jobs in its emerging businesses, like its research centre in Palo Alto, California.

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Ford is also spending heavily on future technology, like self-driving and fully electric cars. The 114-year-old automaker has also embarked on a massive, 10-year plan to remake its Dearborn campus to attract tech-savvy young workers. Ford said last August that it planned to hire more than 100 engineers, researchers and others in Palo Alto. Ford chief executive Mark Fields was criticized at the company's annual shareholder meeting for their failing performance.

On Tuesday, Ford's stock fell to $10.90 per share - its lowest point in the past year - before closing at $10.94 for the day.

"We're frustrated, but our business is performing well".

Ford shares fell as much as 2.5 percent in heavy trading and were headed to their worst close since November 2012 as the broader markets tumbled over the political turmoil in Washington.

Ford said the cuts would amount to about 10 percent of a group of 15,000 managers and other non-production workers and would reduce labor costs for that segment by 10 percent.

Ford continues to churn out strong profits, reporting a record $10.4 billion in pretax earnings in 2016, and expects to earn around $9 billion this year.

Ford to cut 1400 jobs in North America and Asia