Ford to cut 10% of global workforce

Ford Motor looking at cost cuts, including personnel cuts high as 10 percent to its global operations, according to one report, amid plateauing US auto sales and slipping profits.

The newswire's source said that Ford will achieve its goal by offering generous early retirement incentives, rather than cutting hourly workforce or production.

The automaker said it expects about 1,400 job cuts from a total worker pool of 15,300, including 9,600 in the US, 1,000 in Mexico, 600 in Canada and 4,141 in Asia.

Ford Motor Company confirmed this morning that it plans to cut 10 percent of its salaried workers in North America and the Asia Pacific in 2017.

Ford Motor Co. detailed plans of its job cuts Wednesday morning, a day after anonymous sources told the Wall Street Journal that the automaker planned a salaried workforce reduction.

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The job cuts will come through buyout packages released to eligible employees in June.

Investors are concerned that US auto sales are peaking and Ford's market share is slipping. They're also unsure about Ford's heavy spending on technology with an uncertain future, like its recent investment of $1 billion in Argo AI, an artificial intelligence startup.

Product Development and Ford Credit, which already are improving total operating efficiencies in other ways.

Ford did not confirm the report to news agencies Monday evening.

Shares in Ford were up 1% to US$10.95 in pre-market trading.

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Last week, during the company's annual meeting, a number of shareholders pressed Ford's management about the company's stock price, which has dropped 17% since January to $10.94 per share.

In 2016, Ford cut hundreds of white-collar jobs in Europe, reducing costs by $200 million annually. President Donald Trump throughout his early days in office has pushed for automakers to create jobs in the U.S.

The cuts are part of a previously announced plan to slash costs by $3 billion, the person said, as US new vehicles auto sales have shown signs of decline after seven years of consecutive growth since the end of the Great Recession.

By trimming its cost base, Ford hopes it can return to growth and reinvigorate a declining share price.

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