Ford (F) Announces 3,000 Job Cuts

Ford Motor Company (NYSE: F) announced on Monday that the company will cut 3,000 salaried and contract jobs as it restructures to catch up with Tesla (NASDAQ: TSLA) in the race for software driven electric vehicles. The cuts mark the company’s latest efforts to slash costs.

Ford Chief Executive Jim Farley has been saying for months that he believed the Dearborn, Mich. automaker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services.

"We are eliminating work, as well as reorganizing and simplifying functions throughout the business. You will hear more specifics from the leaders of your area of the business later this week," Farley and Ford Executive Chairman Bill Ford wrote in a joint email.

The workforce reduction mostly targets employees in the U.S., Canada and India. About 2,000 of the targeted cuts will be salaried jobs and about 1,000 agency personnel.

In Monday's email to staff, Farley and Ford said the company's cost structure "is uncompetitive versus traditional and new competitors."

By Michael Elkins | [email protected]

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