Bill Pugliano
Ford Motor Company (NYSE:F) will reportedly go through another round of white-collar job eliminations.
The Detroit automaker confirmed on Tuesday that it was starting to notify several hundred engineers and other salaried employees that their jobs are being eliminated. The firings come after about 200 Ford (F) contract employees were let go last week.
Ford (F) spokesman T.R. Reid said most of the cuts were in engineering, but all business units will see job eliminations. CEO Jim Farley has noted previously much of Ford’s (F) workforce does not have the right skills as the company makes the transition from internal combustion to battery-powered vehicles.
On a broader scale, the latest round of job cuts arrives as Ford (F) not only continues its shift to a much higher mix of electric vehicles, but also tries to level out what executives have stated is a $7B cost disadvantage to its competitors. As part of a new corporate look, Ford (F) has reorganized itself into three business units. The units are now Ford Model e for electric vehicles, Ford Blue for vehicles with combustion engines, and Ford Pro for commercial vehicles.
Shares of Ford (F) were up 1.05% at 11:11 a.m. on Tuesday. The auto stock has moved up 13% over the last six weeks.