Hoo Boy 🤦 Ford cutting 8,000 salaried jobs
“We have too many people”
The key phrase^ in the mad scramble to EV. How else do they go from 27K EV's in 2021 to two million in 2026? Will that actually happen?
In March, Farley boosted Ford's spending on EVs to $50 billion, up from $30 billion through 2026. He set a plan to build two million EVs a year by 2026. Last year, Ford sold 27,140 EVs.
Ford's crosstown rival, General Motors, is investing $35 billion in EV and self-driving car technology by middecade with the goal to sell one million EVs in the U.S. by that time.
Farley has said workforce reduction is a key to boosting profits, which have eroded on its Mustang Mach-E and other plug-in models because of the automaker's increased costs for commodities and warranties.
“We have too many people,” Farley said at a Wolfe Research auto conference in February. “This management team firmly believes that our ICE and BEV portfolios are under-earning.”
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