Ford is on a quest for total electrification of its vehicles, and to fuel this it plans to cut 8,000 jobs. This isn’t good news for those concerned, as this cut involves laying off workers to reduce the cost of running the company. According to our sources, the majority of these payoffs will hit the company’s employees in the US.
We have seen a few electric vehicles from Ford in recent times, but it isn’t enough for the company. With demand for electric vehicles growing in the company’s direct markets, a switch to full electrification is necessary. Failure to switch will mean that Ford is willing to let its customers go to other pure EV brands that are gaining traction.
Read also: Ford recalls over 100,000 hybrid vehicles.
Already, the American automobile company has split its business into two parts. One part handles the production of fuel-driven cars, while the other (Model E) takes on the EV market. To grow the EV business, the company has set out $50 billion in funding for factories and battery production.
Certainly, that is a lot of money and the company is also cutting the cost of running its business. This cut involves jobs as well as any other things that might be unnecessary to Ford’s EV growth. The COO of the company Mark Truby said that this cut in running costs will help them compete in the emerging EV market.