Ford confirms job cuts to pay for EV transition: report


Ford Motor Co. F, -4.97% has confirmed layoffs affecting about 3,000 jobs mostly in the U.S. and Canada, and has started to notify workers through internal e-mail, The Wall Street Journal reported Monday. The auto maker said the cuts are effective Sept. 1. Ford reportedly had been planning layoffs over the summer in connection with its pivot to electric vehicles and the restructuring it announced in March. Shares of Ford dropped more than 5% in midmorning trading and are down 28% so far this year, compared with losses of about 13% for the S&P 500 index. SPX, -2.13%

This article was originally published by Read the original article here.

Previous articleDow industrials down 2% heading into final hour of trading
Next articleMemeMoney: Bed Bath & Beyond’s stock tumbles amid meme-stock selloff and cash concerns


Please enter your comment!
Please enter your name here