Ford plans to cut thousands of jobs in UK and mainland Europe
Ford has announced a major shake-up of its European operations that will involve cutting thousands of jobs, exit unprofitable markets and discontinue loss-making vehicle lines.
Ford Motor Co.
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11:10 24/04/24
Ford said on Thursday that it aims to have a 6% operational margin and to do so it said it will seek cut its multivan segment, stop manufacturing automatic transmissions in Bordeaux in the summer, review its business in Russia, and combine the two UK headquarters into one.
The company has not released any figures regarding staff reduction but to the BBC reported that it is expected the immediate impact on its UK operations will be limited.
Ford Europe posted €245m loss before interest and taxes in the third quarter.
Ford aims to leave less profitable markets and concentrate more on electric and hybrid technology.
“We are taking decisive action to transform the Ford business in Europe,” Steven Armstrong, group vice president, Europe, Middle East and Africa, said in a statement.