Ford Plans To Cut 3,200 Jobs In Europe: Report - Ford Motor (NYSE:F)

Ford Motor Company F is reportedly planning to slash 3,200 positions across Europe.
The job cuts will largely be focused in Germany and will affect administrative and product development roles, Bloomberg reported, citing IG Metall union.
The reduction will account for 65% of development jobs in Europe and 20% of administrative positions.
The number of reductions emerged in an extraordinary works council meeting at the carmaker’s factory in Cologne, the report cited an IG Metall spokesperson.
The move comes after the auto major reduced 3,000 jobs in the U.S. in 2H22.
The report further added that CEO Jim Farley aims for $3 billion in cuts to accelerate profits from traditional internal combustion engine models and use it to develop electric vehicles.
Price Action: F shares are trading higher by 3.87% at $12.88 on the last check Monday.
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