Ford might cut 30,000 jobs as well
Worldâ€™s largest manufacturer of automobiles General Motors has already announced their plans to massively shed the jobs in their various plants to cut costs and get back to profitability. And now Ford is expected to do something similar. Rumors are already circulating in the market claiming that the company is due to soon announce a restructuring plan that will involve closing at least 10 plants and cutting 25,000 to 30,000 hourly jobs in North America.
The Detroit News reported these claims and cited sources, which they claimed, had knowledge of the proposal. The plan is called Way Forward and the company has also formulated a program to reinvigorate its Lincoln and Mercury brands. This reported comes just days after another media group The Wall Street Journal indicated Ford was about to say it would shut the doors at five factories that employ around 7,500 workers.
Ford has already announced job cuts in the range of around 4000 workers in addition to another previous announced cut for 2750 jobs. The company is facing serious competition from players like Honda and Toyota in their domestic market and the rising fuel prices has not helped them either. They are making huge losses on their sales, which have also dropped down quite a lot in the recent times.