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Ford plans layoffs

Ford plans layoffs
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The US carmaker company Ford Motor Co is planning to lay off 8000 of its employees in the upcoming weeks. In March this year, the company was divided into two- Ford Blue and Model E divisions, the latter being completely dedicated to the production of EVs. The job cut would occur in the Ford Blue unit. The reason to cut off these number of jobs is to reduce the costs and completely dedicate the company’s transition towards electric vehicles. The layoff is presumed to be highest in the US, which has currently 31000 employees. The company has been producing electric models in recent years, seeing to the demands of its customer and competing with other car makers like Tesla.

New targets-

The company plans to manufacture 2 million EVs, by 2026, and spend $50 billion in doing so. With the large production of EVs, Ford is also planning to cut costing of the production of traditional vehicles by $3 billion/year.

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