Ford Plans To Cut 1,300 Jobs In China As Sales Drop: Report

  • Ford Motor Co F is planning to slash more than 1,300 jobs in China as sales decline.
  • Ford's wholesales in China, the world's biggest car market dropped below half a million units for the first in a decade in 2022, reported Bloomberg.
  • The automaker's sales have continuously slipped since 2016, the year in which it shipped 1.27 million vehicles with 4.6% market share.
  • The market share plunged to 2.1% in 2022 as Chinese consumers largely preferred electric vehicles.
  • "Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas," the report quoted a Ford spokeswoman.
  • Also ReadFord Wins Reversal Of $105M Trade Secrets Ruling
  • "We can only win through a lean and agile organization."
  • Ford had earlier in the year said it would slash 3,800 jobs across Europe amidst cost pressures.
  • The automaker has expressed intent to invest $50 billion in EV production by 2026.
  • Price Action: F shares are trading higher by 0.39% at $11.72 premarket on the last check Monday.
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