Carmaker Ford says it is shedding 12,000 jobs in Europe to increase profitability.
Carmaker Ford said Thursday it is shedding 12,000 jobs in Europe to increase profitability, part of a global trend of cost cuts by automakers facing shifting consumer tastes and heavy investments in electric cars.
The company said that the positions would be eliminated mostly through voluntary agreements through the end of 2020. Some 2,000 of the cuts will be salaried positions, part of 7,000 white collar jobs being shed as part of a global restructuring by the Ford Motor Co., which is based in Dearborn, Michigan.
The losses come from among the 56,000 people employed on salaried, hourly and agency bases by Ford of Europe as of last year. Ford and other global automakers are facing multiple challenges, including the expensive push to develop electric cars that will help them meet new emission rules in Europe and comply with regulations favoring alternative energy vehicles in China. They need strong profits to fund those investments.
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