Ford sacks 3,000 employees

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Ford Motor, a US-based automaker, is reportedly confirming that it is laying off some 3,000 employees and contract workers. Employees in the US, Canada, and India would be most affected by the layoffs.

Ford is changing how it operates and reallocating resources as it embraces new technologies that were not previously central to its operations, such as developing cutting-edge software for its vehicles, according to an email signed by Executive Chairman Bill Ford and Chief Executive Jim Farley.

The Wall Street Journal reports that Ford informed staff via internal email that it will start informing affected salaried and agency workers of the layoffs last week. According to the business, the remaining 1,000 employees hold contract jobs with other firms.

Farley recently said that Ford employs too many people and that the current workforce lacks the skills necessary to transition to a lineup of electrified, software-driven automobiles. 

By 2026, he plans to reduce spending by $3 billion annually in order to increase his pretax profit margin to 10% from 7.3% from the previous year.

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