Ford To Reportedly Cut 3,200 Jobs In Europe

(RTTNews) - Ford Motor Co. seems to be the latest corporate major to join the ongoing layoffs with plans of cutting 3,200 jobs across Europe, mainly in Germany, reports said quoting Germany's IG Metall union.

The U.S. auto major also plans to move some product development work to the United States.

The planned workforce reduction is part of the company's efforts to cut costs to face ongoing macroeconomic conditions amid recession fears. Rising electric vehicle battery material costs are said to be a major issue for Ford, which has set a target of attaining half of global sales from EVs by 2030.

The company recently said it needs to be more competitive as it transitions to EVs, and that shifting to electric vehicle production requires structural changes.

Reuters reported that Ford plans to cut 2,500 jobs in product development and a further 700 in administrative roles, mainly in German locations.
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