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    • By Drew Dowdell
      Ford's operations in Europe books a 351€ billion loss for 2018 in contrast to a 324€ billion profit the year prior.  Already in the midst of a major restructuring, Ford has now announced job cuts in Germany and the UK.
      Ford employs roughly 24,000 people in Germany with expectations to lower that by 5,000 to 19,000 total. Most of the cuts are expected to come from voluntary redundancies and early retirement.   Ford aims to make the cuts "in the most socially responsible way possible."
      In addition to the German job loses, another 1,150 employees will lose their positions in the UK. 
      Ford has already shuttered an assembly plant in France and cut its vehicle lineup. 
      Ford's moves follow that of Honda which is closing its plant in Swindon, Nissan which is reducing output in Sunderland, Infiniti leaving Western Europe and Volkswagen laying off 7,000 workers.

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    • By Drew Dowdell
      Ford's operations in Europe books a 351€ billion loss for 2018 in contrast to a 324€ billion profit the year prior.  Already in the midst of a major restructuring, Ford has now announced job cuts in Germany and the UK.
      Ford employs roughly 24,000 people in Germany with expectations to lower that by 5,000 to 19,000 total. Most of the cuts are expected to come from voluntary redundancies and early retirement.   Ford aims to make the cuts "in the most socially responsible way possible."
      In addition to the German job loses, another 1,150 employees will lose their positions in the UK. 
      Ford has already shuttered an assembly plant in France and cut its vehicle lineup. 
      Ford's moves follow that of Honda which is closing its plant in Swindon, Nissan which is reducing output in Sunderland, Infiniti leaving Western Europe and Volkswagen laying off 7,000 workers.
    • By Drew Dowdell
      Volkswagen has announced it will cut between 5,000 to 7,000 jobs through attrition and early retirement at its headquarters in Wolfsburg, Germany.  Most of the job cuts will be administrative staff.  While cutting those job, VW will be creating 2,000 new software and electronics jobs.  The cuts are part of a cost savings plan to drive 3€ Billion in annual savings by 2020 and 5.9€ billion  by 2023. 
      The move comes the day after the company announced it will increase its EV plans to build 22 million units over the next decade.  Electric vehicles are less complex to build and require fewer workers.
      Volkswagen is building a new EV platform and the first vehicle to arrive on the market will be the I.D. Neo, expected sometime in 2020.  The I.D. Neo will be built at a plant in Zwickau, Germany.  Future electric vehicles will be built in 7 additional factories including Chattanooga, Tennessee. 

      View full article
    • By Drew Dowdell
      Volkswagen has announced it will cut between 5,000 to 7,000 jobs through attrition and early retirement at its headquarters in Wolfsburg, Germany.  Most of the job cuts will be administrative staff.  While cutting those job, VW will be creating 2,000 new software and electronics jobs.  The cuts are part of a cost savings plan to drive 3€ Billion in annual savings by 2020 and 5.9€ billion  by 2023. 
      The move comes the day after the company announced it will increase its EV plans to build 22 million units over the next decade.  Electric vehicles are less complex to build and require fewer workers.
      Volkswagen is building a new EV platform and the first vehicle to arrive on the market will be the I.D. Neo, expected sometime in 2020.  The I.D. Neo will be built at a plant in Zwickau, Germany.  Future electric vehicles will be built in 7 additional factories including Chattanooga, Tennessee. 
    • By William Maley
      Towards the end of last year, the fate of Faraday Future looked to be bleak. Their main investor, Chinese company Evergrande Health Industry Group filed a complaint with the Hong Kong Stock Exchange that claimed Faraday tried to cancel a deal to sell a 45 percent stake to them. Evergrande claimed the company didn't meet various milestones to get the full $2 billion it had agreed to in the summer. But Faraday fought back, saying that Evergrade didn't cough up the cash.
      This would only signal the beginning of various issues. Throughout October, reports started to emerge that Faraday started implementing austerity measures that included a 20 percent cut in salaries and laying off a small group of workers. Later in the month, one of the co-founders of Faraday, Nick Sampson would step down.
      But there is some good news for Faraday. Earlier this week, Faraday Future announced that it and Evergrade have agreed to a new restructuring agreement. According to a statement, the new agreement will “terminate the previous investment contract, withdraw and waive all litigation and arbitration proceedings, and release all security including the asset preservation pledge and equity financing rights.” This agreement will see Evergrade's stake be reduced from 45 to 32 percent. 
      The agreement also opens the door for Faraday to look for new financing, something the company has badly needed for months.
      Source: Faraday Future on Twitter
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