In an email sent by CEO Jim Hackett to Ford Employees, Hackett said, "To succeed in our competitive industry, and position Ford to win in a fast-changing future, we must reduce bureaucracy, empower managers, speed decision making, focus on the most valuable work and cut costs". Most of the workers that will be laid off have been reportedly "white collar" employees. Ford has been under a restructuring after some shifts in executives as they have been losing money by selling vehicles abroad. In the US they have had strong truck sales, but respectively, most of Ford Motor Company's revenue has been coming from their credit-related services.
2300 salaried jobs will be cut in the US, and the rest will be of overseas employees, including 20% of top-management positions. The White House prior to this announcement by Ford has expanded the trade war with China and China has retaliated. So far no deal has been made between the US and China, but Ford's push into the Chinese market will be more difficult if these tariffs expand. Donald Trump hasn't made any public announcement about the loss of Jobs from Ford.
At the time of this writing, Ford is valued at $10.25 a - $.04 (-0.39%) loss from its Close.
