Ford Motor Co said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India.
Like other established automakers, Ford has a workforce largely hired to support a traditional combustion technology product lineup. Going forward, Farley has mapped out a strategy for Ford to develop a broad lineup of electric vehicles. Like Tesla, Ford wants to generate more revenue through services that depend on digital software and connectivity.
Tesla’s pre-tax profit margins have exceeded Ford’s this year, and Farley has been blunt about the need to cut costs.tap here to see other videos from our teamIn Monday’s email to staff, Farley and Ford said the company’s cost structure “is uncompetitive versus traditional and new competitors.” Ford has begun separating its operations into electric, combustion engine and commercial vehicle operations. Farley said in July “cost reduction will happen” in the combustion operations. But Ford said on Monday the staff cuts will affect all parts of the company.
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