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Ford Motor Co F has outlined actions that will revitalize its business in Europe and will enable it to profitably compete with a new line-up of passenger vehicles.
Thecompany is restructuring its business in Europe, creating a leaner, more competitive cost structure, including eliminating 3,800 jobs over the next three years.
By 2025, Ford plans to resize its European engineering footprint, resulting in 2,800 fewer jobs.
The changes are driven by the transition to fully electric powertrains and reduced vehicle complexity.
Ford will maintain an engineering organization of approximately 3,400 roles in Europe, focused on vehicle design and development, as well as the creation of connected services.
Additionally, a leaner cost structure will be created for Ford’s administrative, marketing, sales and distribution functions in Europe, which includes the elimination of approximately 1,000 positions.
“These are difficult decisions, not taken lightly. We recognize the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead,” said Martin Sander, General Manager of Ford Model e in Europe.
The company’s strategy to offer an all-electric fleet in Europe by 2035 remains unchanged. Production of Ford’s first European-built electric passenger vehicle is set to start later in 2023.
Price Action: F shares are trading higher by 0.61% at $13.17 in premarket on the last check Tuesday.
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