Ford Motor Is Cutting 3,000 Jobs From Its Global Workforce As Fears Of Recession Grow

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The cuts, which were first reported Monday by Automotive News, come less than a month after Farley told analysts that “we absolutely have too many people in certain places, no doubt about it.”

“There are opportunities to be more efficient and more effective in all the business units and all the functions that support them,” Ford spokesman T.R. Reid told CNBC.

Ford employs about 31,000 salaried workers in North America.  As of the end of last year, Ford had 186,769 employees globally, with 90,873, or 48.7%, of those workers located in the U.S.

“We worked differently than in the past, examining each team’s shifting work statement connected to our Ford+ plan. We are eliminating work, as well as reorganizing and simplifying functions throughout the business,” read the message to employees.

Ford’s stock plunged  5% in late morning trading Monday to $15.10 a share. The stock is down about 27% in 2022.