Economy

Ford Expected to Cut "Thousands" of European Jobs

Ford Expected to Cut

The German Economy Ministry is in talks with the automaker over its planned job cuts in Europe, a spokeswoman said on Friday. "This isn't a one or two year issue".

At the time, boss Ralf Speth said: "In the latest quarterly period, we continued to see more challenging market conditions".

Ford shares traded down 0.5 percent to $8.68 as of 11 a.m. Thursday in NY trading. "Building on last year's investment in their key plants in Solihull and Halewood to build the next generation of Land Rover models, including electric vehicles".

Commercial vehicles are the one bright spot for Ford of Europe, accounting for around a quarter of the company's sales.

"In parallel, the fundamental redesign will include changes to Ford's vehicle portfolio, expanding offerings and volumes in its most profitable growth vehicle segments, while improving or exiting less profitable vehicle lines and addressing under-performing markets", the company said.

The overhaul marks another sign of pressure on traditional automakers as they grapple with fundamental technology changes, tougher environmental regulations and trade tensions.

Ford has crafted a turnaround plan for its European operations.

Ford was among USA carmakers that fell short of expectations when the industry presented sales for past year, adding to concern that a slowdown may occur in 2019.

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Sales of cars in China dropped by 6%, to 22.7 million, during 2018, according to the China Passenger Car Association (CPCA) in the market's first decline for two decades.

"This is not a effect of the Brexit situation", he said.

"We are building an alliance with Ford which will strengthen Ford's position in Europe because we will share platforms", said VW CEO Herbert Diess to reporters.

On Thursday, the company said it would be speeding up plans to cut structural costs and thousands of jobs would go across Europe. The review also includes "rescaling the footprint of the business" with Ford reviewing the efficiency of its plants, Armstrong said.

The company's new plans follow moves to close an automatic transmission plant in Bordeaux, combine administrative headquarters in Britain and end production of its C-Max models in Saarlouis, Germany. A review of the Ford Sollers joint venture in Russian Federation is expected to conclude in the second quarter, it said.

The redundancies come as part of the manufacturer's comprehensive transformation strategy aimed at strengthening the Ford brand and creating a sustainably profitable business in Europe.

"We will take effective measures to the European business of Ford to set up new", said Europa chief Steven Armstrong.

Ford confirmed it will get out of the family vans or MPV segment. And consumer tastes in Europe - like in the United States - are shifting away from cars and toward crossovers and small SUVs.


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