Ford shedding thousands of jobs in Europe

Ford shedding thousands of jobs in Europe

USA carmaker Ford said on Thursday that it plans a major restructuring of its European operations, including job cuts, to boost profitability.

Ford Europe, which now employs 53,000 people, has struggled to turn a profit, reporting a €245 million ($282 million) loss before interest and taxes in the third quarter, equivalent to a negative 3.3% EBIT margin.

Ralf Speth, chief executive of Jaguar Land Rover, said: "We are taking decisive action to help deliver long-term growth, in the face of multiple geopolitical and regulatory disruptions as well as technology challenges facing the automotive industry".

Exact details are yet to be outlined and Ford, which sold nearly 7mln cars around the world in 2017, said it would talk to unions about reducing costs.

Shares of Ford dropped more than 2% to $8.51 just after Thursday's opening bell.

"Unite is positively engaging with Ford over its plans as we seek to safeguard jobs and look after the interests of all the company's employees in the UK".

Apart from the job cuts, the Dearborn, Michigan-based company also plans to shut down a few of its plants.

The company's new plans follow moves to close an automatic transmission plant in Bordeaux, combine administrative headquarters in Britain and end production of its C-Max models in Saarlouis, Germany.

Ozil Completely Left Out Of Arsenal's Match-Day Squad
And the former France global was a key figure for West Ham , setting up Declan Rice for the victor early in the second half. If a full-back goes up, he's able to go out wide to deal with it.

Lenovo overtakes HP in PC sales as market contracts
Lenovo regained its position as the PC vendor with the most sales in the fourth quarter of 2018, an accolade earned by HP in 2017. Japan had an especially strong quarter driven by commercial refresh, which lifted virtually all aspects of the market.

Spanish arrests after tennis fixing probe
Each player's match was attended by a member of the Armenian ring, who made sure the player complied with the agreement. The agency said the suspects were warned of the illegality by tennis' integrity body and had been operating since 2017.

Discussions on autonomous vehicle development and sharing Volkswagen's MEB electric vehicle platform are said to be on-going.

"We want to be a net contributor of capital and not a net detractor", Armstrong told journalists on a later call, referring to Europe's financial contribution to U.S. parent Ford Motor. He said that business changes could be "significantly more dramatic" regarding the company's United Kingdom plants in the event the country crashes out of the bloc without a deal - a scenario that could see, among other things, tariffs imposed on goods traded and widespread disruption at ports. May be there will be plant closures. The carmaker is in talks with different workers" unions and it is not known how many jobs will be concerned but "thousands' have been cited by Steven Armstrong, President, Ford Europe.

Ford is also in talks with worker groups over the possibility of eliminating the production of two small minivan models now manufactured in Germany.

Tata Motors Ltd.'s Jaguar Land Rover, formerly part of Ford, plans to cut as many as 5,000 jobs in the U.K., BBC reported.

Mr Armstrong declined to say how many jobs will be cut, but he said the impact will be "significant".

Ford confirmed it will get out of the family vans or MPV segment.

Sources have told Reuters a global commercial vehicle alliance with Volkswagen could be announced as early as the Detroit motor show, which kicks off next week. Ford SUV sales - comprising EcoSport, Kuga and Edge - hit a record high in 2018, surpassing a quarter million vehicles sold for the first time.

Related:

Comments

Latest news

Apple Publishes Support Page to Shut Down Bent iPad Pro Controversy
Here, Cupertino also reiterated that it "allows for no more than 400 microns of deviation across the length of any side". See their blog post in full here.

Red Sox agree to terms with 10 players on one-year contracts
It was the second-highest figure ever given to a player in year one of arbitration, behind only Kris Bryant of the Chicago Cubs. His efforts paid off in a big way, as Betts is now coming darn close to doubling his salary for the upcoming 2019 season.

The Witcher’s Geralt joins Monster Hunter World in February
Fans will get to enjoy fresh voice recordings from the original voice actors for Geralt, once again, adding to the event's authenticity.

Vicky Kaushal recreates Priya Prakash Varrier’s wink and our heart is melting!
The film collected Rs 3.5 crore on the day of its release, taking its collection so far to around Rs 7 crore. The film is directed by debutant Aditya Dhar and produced by Ronnie Screwvala under his banner RSVP Movies.

Samsung unveils "The Wall", a 219-inch television
LG claims that the TV comes with high processing capabilities with 8K upscaling and improved noise reduction. Is this really "the world's most cinematic TV"? It is powered by the company's second-gen Alpha 9 processor.

Gary Kubiak Wont Become Offensive Coordinator Of Broncos
The announcement of Kubiak returning to Denver as the offensive coordinator was met with praise around the league when news broke Wednesday.

Experts urge more vaccinations as flu becomes 'widespread' in Alabama
Peter's Health Medical Group in Helena will open a seasonal Cold, Cough and Flu Clinic Monday in response to an increase in cases. The machine learning was fed data from the two models and actual flu data to make the predictions as accurate as possible.

Study concludes that we should be eating more fibre in our diet
However, the same study also found that only one in 10 of the participants actually consumed the recommended daily fiber intake. They include brown rice, whole grain bread, popcorn, whole wheat cereals, whole wheat pasta and whole wheat crackers.

Australian boy buried by avalanche in St. Anton am Arlberg, Austria
Several railway lines in the Alps were closed because of the snow, and schools were closed in parts of Bavaria. Snow was causing problems in other parts of Europe , even in Norway's Arctic Svalbard archipelago.

US starts withdrawing supplies, but not troops, from Syria
Mr Trump initially signalled a rapid withdrawal from Syria and USA officials said they expected troops to be out with 30 days. In response, Turkish President Recep Tayyip Erdoğan rebuffed the comments, calling them a "serious mistake".

Cuba bus crash: 7 killed, more than 30 injured
Details about the names and nationalities of those injured or killed in the deadly crash have yet to be released. The Cuban military runs the bus company, Viazul, which tourists frequently use to get around the island nation.

Anupam Kher responds to protests against 'The Accidental Prime Minister' in Kolkata
In an apparent reference to Prime Minister Narendra Modi , she said she was waiting for the release of "Disaster Prime Minister". He also added that this is the best performance he has given in his entire career as an actor.

PM under pressure as Corbyn threatens no-confidence vote
At his party's conference, at which members' views are supreme, Labour came to a tortured position on Brexit. Here is how this week is expected to play out for the Prime Minister and Britain's departure from the EU.

Venezuela's Nicolas Maduro to be inaugurated for second term
Discontent within the military's ranks has grown as Venezuela's economic collapse has deepened, prompting millions to migrate. He won re-election previous year despite hyperinflation, chronic food shortages and a severe economic contraction.

Yankees signing DJ Lemahieu as Manny Machado hopes fade
The Yankees agreed to a two-year contract with second baseman DJ LeMahieu on Friday, according to the YES Network's Jack Curry . Ken Rosenthal of The Athletic recently wrote that the Phillies actually prefer Machado over Harper in free agency.

Other news