Ford plans job cuts to boost profits

Mark Fields Ford CEO

The cuts form part of a plan announced earlier to slash costs by $3 billion, the person said, as new U.S. auto sales showed signs of decline following seven years of consecutive growth after the end of the global economic meltdown. While the company did not officially announce the job cuts, they did not deny the report either.

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

Shares of Ford were up 0.4% to $10.98 about 7:30 a.m.

The report came out online Monday night.

Ford is planning to cut its global workforce by 10% in an effort to improve profits.


Ford now employs some 202,000 workers worldwide and is the second largest carmaker.

Thousands of workers at Ford motor company will reportedly be out of a job. Fields has been pouring billions into electric autos, self-driving cars and ride-sharing experiments as Ford's conventional vehicle business has struggled more than crosstown rival General Motors Co. amid a slowing USA market. It's unclear if the plan includes cuts to the hourly workforce at Ford's USA factories and plants that are overseas, according to the Journal. Ford in February, announced it would acquire artificial-intelligence startup Argo AI with plans to invest $1 billion over the next five years to expand the firm.

Ford's plan calls for $3 billion in cost reductions in 2017. The company will add 700 jobs in MI with money saved in Mexico.

Unlike job cuts in the past, this time Ford's moving to slash costs while the company is solidly profitable.

A Brazilian worker assembles a Ford vehicle on an assembly line at Sao Bernardo do Campo Ford plant, near Sao Paulo, August 13, 2013. "Car companies coming back to U.S. JOBS!" Ford's employment has increased 25 percent in the past five years.

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