Ford Plans To Cut 1,300 Jobs In China As Sales Drop: Report - Ford Motor (NYSE:F)

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.
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"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.