Ford Motor looking at 25,000 Job Cuts
The top two US automakers continue to remain in financial mess as Ford Motor is rumored to be considering plans to cut as many as 25,000 jobs in the United States to stem losses in their domestic operations. These cuts if confirmed would take place in the next four years during their recently announced restructuring plans.
Chief Executive Officer William Clay Ford Jr. is expected to announce this massive restructuring plan tomorrow. If the rumors are true, it would mean that the company would be cutting down around 20% of their total workforce in the country. The company has already confirmed certain amount of job cuts, though the figures are not confirmed until now.
Market expert David Cole, chairman of the Center for Automotive Research in Ann Arbor, Michigan said in a statement: â€œFord views Monday’s announcement as the last restructuring in the sense that they may not have a chance to do something more after this. It’s one of the major pivot points in their history.”
These restructuring plans are important considering the company is making losses since many years now. They have also lost market share in the US for the last 10 years to their Japanese competitors like Toyota and Honda, which are making huge inroads into their domestic market.