The Ford Motor Company (F) is cutting 3,000 jobs as it seeks to fund its $50 billion U.S.
investment in electric vehicles.
The Detroit-based automaker said the job losses will occur mostly in the U.S., with some
positions also eliminated in Canada and India.
In all, 2,000 salaried workers and 1,000 contract employees involved in the manufacture of
traditional internal combustion engine vehicles will lose their jobs, the company said. Ford has
not ruled out additional job cuts in the months ahead.
Ford plans to build two million electric vehicles a year by the end of 2026, up from less than
64,000 in 2021 as it races to catch-up to market leader Tesla (TSLA).
Ford stock is down 30% this year and trading at $15.08 U.S. per share.
