Ford announces 10 percent workforce layoff Worldwide
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.
Citing an anonymous source, Reuters reported on Monday that Ford has plans to offer generous early retirement incentives to decrease its salaried headcount by 1st of October this year.
The report also claimed that the auto giant has no plans to slash to its hourly workforce or its production.
The auto giant declined to comment on the reports job cuts but said that it remained focused on its core strategies to boost profitable growth.
In a conference call in April, CEO Mark Fields told analysts, “Reducing costs and becoming as lean and efficient as possible also remain part of that work. We have not announced any new people efficiency actions, nor do we comment on speculation.”
On 27th of April, Ford reported its first-quarter earnings and announced that it had plans to slash $3 billion in costs.
However, the reported move could put Ford on a collision course with U.S. President Donald Trump, who is trying to boost auto employment in the nation. In the U.S., Ford has nearly 30,000 salaried workers.
Following an unanticipated upturn in economic activity in September, the eurozone economy is widely expected to be on track for the best quarter since 2015.
Elon Musk-led electric carmaker Tesla Motors has confirmed that it will discontinue its cheapest version of its Model S e-car, the rear-wheel-drive S60, on coming Sunday.
Motorola’s parent firm Lenovo recently announced the launch of the Moto G5S and G5S Plus smartphones in several markets. The company will shortly share its plan for worldwide launch.
Luxury vehicle maker Volvo has just introduced the 2018 XC40, the company’s latest SUV that looks forward to compete with the Porsche Macan or Range Rover Evoque.
European Commission President Jean-Claude Juncker’s proposal to expand Eurozone by bringing more countries into it has triggered controversy, mainly in Germany, where Chancellor Angela Merkel is seeking re-election.
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.