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giftedviz.com July 23, 2017


Ford Confirms 10% Salaried Job Cuts

19 May 2017, 10:30 | Austin Hogan

Mark Fields Ford CEO

Mark Fields Ford CEO

The company has roughly 200,000 salaried employees worldwide, about half of which are in North America.

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.

The company plans to offer enticing retirement packages to salaried employees to reduce overall headcount, Reuters reports.

Ford Motor Company is reportedly preparing to slash its salaried workforce in North America and Asia by around 10 per cent as part of its efforts to boost profits and stock price.

Ford says the positions to be cut include those in human resources and marketing, but exclude other types of skills such as product development, information technology and plant manufacturing.

By trimming its cost base, Ford hopes it can return to growth and reinvigorate a declining share price.

Jonas said he was impressed with Ford's decisive action to cut jobs, but he still thinks Ford stock is overvalued.

The company's market value is now behind Tesla and General Motors, and its stock price has fallen over 40 percent since 2014.

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About two-thirds of the buyout offers are in North America and the rest in Asia.

"Full details about the voluntary packages and how the program will work will be communicated with employees in early June". That's despite Ford making significant investments into artificial intelligence companies to speed up its self-driving auto programs.

Blessed with the best-selling vehicle in the USA, the enormously profitable F-series pickup truck, which would be a Fortune 500 company on its own, Ford remains endowed with strong financials.

The company agreed to scrap a factory in Mexico and add 700 jobs in MI with the money saved.

Following initial reports of Ford's impending job cuts, investors hardly rallied.

Ford announced plans last month to trim costs by $3 billion a year to free up money to develop the next generation of electric and self-driving cars and trucks.

Ford's profits dropped by 35 percent in the first quarter of 2017 as a result of rising costs, pricey recalls and a drop in fleet sales. That might seem rational to owners of Ford's sagging stock.



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