Ford Motors has announced that they are firing 8,000 Americans to retool their manufacturing to make garbage electric vehicles that no one really wants.
The job loss was announced as part of Ford’s aim to cut $3 billion in expenditures by 2026 as part of a radical restructuring away from gas-powered vehicles.
Ford intends to reshuffle itself into two basic units: the “Ford Blue” — which is its internal combustion division and the “Model E” division which will focus on electric vehicles.
Per the Washington Examiner:
Though the layoffs have not yet been finalized, they are expected to focus mostly on salaried employees within the Ford Blue division and could begin as early as this summer. The bulk of the cuts is expected to come from the United States, where Ford employs some 31,000 full-time employees.
Ford’s shares tumbled 39% over the past year due in large part to inflation and broader supply chain problems that have roiled the automotive industry as a whole.
Earlier this year, Farley announced plans to boost the company’s EV spending by $50 billion and set an ambitious goal to build 2 million battery-powered EVs annually by the year 2026.
Ford will soon find out what a massive, money-wasting mistake this plan will be.
But not before thousands lose their jobs.Commentary