Ford to cut 1400 jobs in North America, Asia

Ford to cut 1400 jobs in North America, Asia

The cuts are the biggest to Ford's USA white collar staff since 2007, when 7,200 workers took voluntary buyout packages. The automaker's product development unit and Ford Credit will be spared, as will operations in Europe and South America, which have already cut staff, and Africa and the Middle East, where Ford is trying to grow. Ford also isn't likely to cut jobs in its emerging businesses, such as its research center in Palo Alto, California.

About two-thirds of the planned cuts are in North America and the rest in Asia.

Globally, Ford employs a total of about 15,000 salaried workers in the departments that will be affected with about 9,600 of those workers employed in the US, 1,000 in Mexico, 600 in Canada and 4,141 in Asia Pacific.

Ford announced plans last month to trim costs by $3 billion a year to free up money to develop the next generation of electric and self-driving cars and trucks.

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Ford has roughly 30,000 salaried workers in the United States and 200,000 salaried employees worldwide.

The automaker will offer financial incentives, including generous early retirement offers, to encourage salaried employees to depart voluntarily by the end of September.

There was no immediate comment from President Donald Trump, who needled Ford during his campaign over its plans to build a new small auto plant in Mexico.

"Reducing costs and becoming as lean and efficient as possible also remain part of that work, including plans to reduce 10 percent of our salaried costs and personnel levels in North America and Asia Pacific this year, using voluntary packages".

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Ford continues to churn out strong profits, reporting a record $10.4 billion in pretax earnings in 2016, and expects to earn around $9 billion this year.

But investors are anxious about slowing sales and an industry that could be dominated by autonomous vehicles and auto sharing in the future.

Ford won praise from Trump when it announced in early January that it was scrapping plans for a plant in Mexico and would invest $700 million in a MI plant to build electric and self-driving cars. Mexico has 1,000 and the Asia-Pacific region including China has 4,141.

Ford's market capitalization has been surpassed by Tesla Inc (TSLA.O), which has sold just a fraction of Ford vehicles. "I think investors understand our strategy".

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"After a recent breakfast with Ford CEO Mark Fields, we are left with the impression of a company that is not at all satisfied with its share price performance, aware of the challenges facing the business and actively pursuing alternative ways to take advantage of opportunities that could narrow the value gap", Jonas said.

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