Ford is looking to cut 12% of Jobs and end production of many of its vehicles in Europe
Updated September 18, 2018
As per the report from Sunday time, the American automobile giant Ford Motor Co. may cut around 24,000 jobs. The automaker is about to stop production of models like the Mondeo while it tries to revive its business in Europe.
The second largest automaker in the US had loss of amounting to $73 million between April and June in Europe. One major cause for the losses was the decline in sales for its diesel cars and another reason for the decline was the weak car offering made by the company in Europe, the newspaper said.
The automaker could face additional uncertainty from Brexit which could increase tariffs on cars and automobile parts traded between the continental Europe and U.K
The analysts at Morgan Stanley estimated the US automaker would shed 12 percent of 202,000 workers which would mostly take place in its European operations. The overall employees in the United Kingdom for the automaker in its factories, dealerships, administration, research, and development is around 12,000, according to the newspaper.
As per some sources, the automaker would end the production of Galaxy, S-Max, and Mondeo in favor of its more profitable SUVs and is planning to cut a number of dealerships.
Categories: Automotive News