Ford Motor is cutting 3,000 jobs from its global workforce as the automaker grapples with lowering costs as part of restructuring efforts under CEO Jim Farley.
Ford started notifying employees of the cuts on Monday, a company spokesman confirmed. The cuts will include 2,000 salaried positions and 1,000 agency jobs in the U.S., Canada and India, Farley and Ford Chairman Bill Ford said in a message to employees obtained by CNBC.
“Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century. It requires focus, clarity and speed. And, as we have discussed in recent months, it means redeploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors,” the message reads.
Ford’s cost-cutting actions are the latest in a series of efforts by companies to reduce costs and employee headcount amid fears of a potential recession or economic softening, with inflation hovering near a 40-year high.