I know we keep saying it, but go woke, go broke…
In internal meetings Monday, Ford began notifying some salaried workers in North America that job cuts would be coming, a company spokesman confirmed Tuesday morning. The planned layoffs are concentrated in the engineering ranks, where Ford is targeting costs across its business units, he said.
Ford plans to lay off 1,000 of its 28,000 salaried employees in North America.
It fired around 3,000 workers in America last year, followed by 3,800 workers in Europe as well.
This latest reduction of Ford's white-collar workforce includes employees in its electric-vehicle and software side of the business, the company spokesman confirmed.
Ford expects to lose $3 BILLION in operating profits on its EVs this year alone.
It's also lost billions from an investment in EV company Rivian.
The automaker is looking at borrowing a ton of cash from the government, but even the woke printing machine can't put out this dumpster fire.
Last week, the Energy Department said it would loan a Ford joint venture $9.2 billion to support production of EV batteries across three factories in the U.S. South, the largest commitment in the loan program's office history. The billion-dollar infusion is meant to bolster Ford's joint venture with Korean battery-maker SK On, covering two battery plants in Kentucky and one in Tennessee.
Meanwhile, the company is facing a strike from its union workers and is starting negotiations with United Auto Workers.
UAW President Shawn Fain, who was elected in March, has criticized the federal loan, pointing out that Ford is receiving support on top of its already-sizable profit and that this influx of cash isn't necessarily benefiting its workforce.
"These companies are extremely profitable and will continue to make money hand-over-fist whether they're selling combustion engines or EVs. Yet the workers get a smaller and smaller piece of the pie," he said.
Random thought: It sure would be sad if these bloated century-old automakers that are in bed with the feds went out of business so new blood could compete in the auto market.
