Posted 14 февраля 10:51

Published 14 февраля 10:51

Modified 14 февраля 11:45

Updated 14 февраля 11:45

Ford announced plans to reduce up to 3.8 thousand of its employees in Europe in three years

14 февраля 2023, 10:51
The American automaker Ford Motor Co plans to reduce up to 3.8 thousand of its employees in Europe in the next three years. This is due to a reduction in the line of machines produced for the European market.

The company notes that they intend to focus on a narrower line of machines for this market. Ford will mainly produce models with an electric motor for the European market.

Ford is confident that the reduction "will create a lighter and more competitive cost structure." In particular, about 2.8 thousand engineers will be dismissed. Thus, only 3.4 thousand such specialists will remain working in the European divisions of the company.

Another thousand employees are planned to be reduced in the marketing, sales and administrative departments.

Most of the employees (2.3 thousand) will be reduced in Germany. Another 1.3 thousand employees will be cut in the UK. The rest will be cut in other European countries. In total, the American company has more than 34 thousand employees in Europe, almost half of them work in Germany.

Over the past year, the company's shares have sunk in price by 28%. Information about the dismissal of employees did not affect their growth. During trading on Tuesday, they remain at the same level. Prior to that, the appearance of information about the dismissal of employees in large companies, including in the IT sector, led to an increase in the shares of these companies.