Ford will Cut 8,000 Jobs to Pay for Electric Vehicle Push

Ford Motor Company will cut as many as 8,000 jobs to fund its electric vehicle initiative, according to a Bloomberg news report.

The eliminations will come in the newly created Ford Blue unit responsible for producing internal combustion engine vehicles, as well as other salaried operations throughout the company, said the people, who asked not to be identified revealing internal discussions. The plan has not yet been finalized and details could still change.

https://www.bloomberg.com/news/articles/2022-07-20/ford-plans-up-to-8-000-job-cuts-to-help-fund-investments-in-evs

The cuts could represent as much as 25% of Ford’s salaried U.S. workforce and may start as soon as this summer.

CEO Jim Faley’s plan is to use the profitable traditional vehicle division (Ford Blue) that makes F-150/250 trucks and Bronco, Edge SUV’s and other gas-powered vehicles to fund the expensive and underperforming electric vehicle division (Model e).

So far, the only Ford EVs are its F-150 Lightning light duty truck with about 2,300 vehicles sold as of June, and the Mustang Mach-E which the company had sold 10,539 as of May 2022.

Electric vehicles are expensive to produce and difficult for working Americans to afford. A base model f-150 Lightning starts at around $40,000 while a gas-powered F-150’s base price is around $30,000.

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