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Found 6 results

  1. The holidays are proving to be a tough time for those who work in the automotive industry. Last week, General Motors announced that it would be cutting more than 10,000 jobs and removing products from five plants beginning next year. This could pale into comparison with what could happen with Ford. Earlier this week, Morgan Stanley analyst Adam Jonas sent out a note to investors saying that Ford's $11 billion restructuring effort could see 25,000 jobs being cut. “We estimate a large portion of Ford’s restructuring actions will be focused on Ford Europe, a business we currently value at negative $7 billion. But we also expect a significant restructuring effort in North America, involving significant numbers of both salaried and hourly UAW and CAW workers,” Jonas wrote. Ford's 70,000 salaried employees have been told that job cuts are coming, but an official figure hasn't been revealed. “These actions will come largely outside of North America. All of this work is ongoing and publishing a job-reduction figure at this point would be pure speculation,” said Ford spokeswoman Karen Hampton to Bloomberg. But Ford CEO Jim Hackett has made things slightly worse. Yesterday, Hackett told reporters "Ford didn’t provide numbers to Morgan Stanley analyst Adam Jonas." Basically a non-denial denial. The company is planning an interim announcement about its workforce later this week. Source: Bloomberg, 2 View full article
  2. William Maley

    Will Ford Cut 25,000 Jobs? The Answer Is Murky

    The holidays are proving to be a tough time for those who work in the automotive industry. Last week, General Motors announced that it would be cutting more than 10,000 jobs and removing products from five plants beginning next year. This could pale into comparison with what could happen with Ford. Earlier this week, Morgan Stanley analyst Adam Jonas sent out a note to investors saying that Ford's $11 billion restructuring effort could see 25,000 jobs being cut. “We estimate a large portion of Ford’s restructuring actions will be focused on Ford Europe, a business we currently value at negative $7 billion. But we also expect a significant restructuring effort in North America, involving significant numbers of both salaried and hourly UAW and CAW workers,” Jonas wrote. Ford's 70,000 salaried employees have been told that job cuts are coming, but an official figure hasn't been revealed. “These actions will come largely outside of North America. All of this work is ongoing and publishing a job-reduction figure at this point would be pure speculation,” said Ford spokeswoman Karen Hampton to Bloomberg. But Ford CEO Jim Hackett has made things slightly worse. Yesterday, Hackett told reporters "Ford didn’t provide numbers to Morgan Stanley analyst Adam Jonas." Basically a non-denial denial. The company is planning an interim announcement about its workforce later this week. Source: Bloomberg, 2
  3. Jaguar Land Rover is making some cuts to their work staff. Today, the British automaker announced that it would not renew the contracts of 1,000 agency workers at its Solihull factory in the United Kingdom. According to Autocar, JLR is holding meetings with workers to discuss the changes. In a statement, JLR said the decision is due “continuing headwinds” that have forced the company to make "adjustments to production schedules and the number of agency staff”. Those “continuing headwinds” are due to regulatory crackdown on diesel engines and higher taxes being placed on these models. This confirms news late last week about the automaker making cuts to their workforce. JLR also announced that it would be moving 360 workers from the Castle Bromwich to Solihull due to declining car sales. Bromwich is where the company produces most of Jaguar's lineup (F-Type, XE, XF, and XJ). Sales of diesel vehicles have been hit hard due to the Volkswagen diesel emission scandal. Jaguar Land Rover has been hit the hardest in their home country of the United Kingdom. 90 percent of Jaguar Land Rover models sold in the country are diesels, compared to 45 percent globally. According to industry association SMMT, Land Rover saw sales decline 20 percent to 23,815 through March. Jaguar posted a larger 26 percent decline to 9.709. JLR is trying to change that as they get ready to launch the I-Pace EV later this year, and plans on introducing electrified variants of all of their models by 2020. Source: Automotive News (Subscription Required), Autocar
  4. Jaguar Land Rover is making some cuts to their work staff. Today, the British automaker announced that it would not renew the contracts of 1,000 agency workers at its Solihull factory in the United Kingdom. According to Autocar, JLR is holding meetings with workers to discuss the changes. In a statement, JLR said the decision is due “continuing headwinds” that have forced the company to make "adjustments to production schedules and the number of agency staff”. Those “continuing headwinds” are due to regulatory crackdown on diesel engines and higher taxes being placed on these models. This confirms news late last week about the automaker making cuts to their workforce. JLR also announced that it would be moving 360 workers from the Castle Bromwich to Solihull due to declining car sales. Bromwich is where the company produces most of Jaguar's lineup (F-Type, XE, XF, and XJ). Sales of diesel vehicles have been hit hard due to the Volkswagen diesel emission scandal. Jaguar Land Rover has been hit the hardest in their home country of the United Kingdom. 90 percent of Jaguar Land Rover models sold in the country are diesels, compared to 45 percent globally. According to industry association SMMT, Land Rover saw sales decline 20 percent to 23,815 through March. Jaguar posted a larger 26 percent decline to 9.709. JLR is trying to change that as they get ready to launch the I-Pace EV later this year, and plans on introducing electrified variants of all of their models by 2020. Source: Automotive News (Subscription Required), Autocar View full article
  5. A day after reports saying Ford was planning a significant layoff of its global workforce, the company has cleared the air on the cuts. In a statement issued today, Ford announced that it would be cutting 10 percent of its salaried employees in North America and Asia - roughly 1,400 employees. Ford says the cuts are needed to reduce costs as the company readies for a slowdown in sales and investing more into new technologies. "We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities," the company said in a statement. According to Automotive News, Ford will offer workers voluntary early retirement and special separation packages to reach their goal. Two-thirds of the cuts will come from the North America region. As we reported yesterday, the job cuts are part of Ford's plans to cut costs by $3 billion. Source: Automotive News (Subscription Required)
  6. A day after reports saying Ford was planning a significant layoff of its global workforce, the company has cleared the air on the cuts. In a statement issued today, Ford announced that it would be cutting 10 percent of its salaried employees in North America and Asia - roughly 1,400 employees. Ford says the cuts are needed to reduce costs as the company readies for a slowdown in sales and investing more into new technologies. "We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities," the company said in a statement. According to Automotive News, Ford will offer workers voluntary early retirement and special separation packages to reach their goal. Two-thirds of the cuts will come from the North America region. As we reported yesterday, the job cuts are part of Ford's plans to cut costs by $3 billion. Source: Automotive News (Subscription Required) View full article

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