Ford prepares for a new round of layoffs, cutting $3 billion in costs

A new round of layoffs at Ford Motor Co. is coming, according to reports, with the automaker looking to trim about $3 billion from its gas-powered side of the company.

Following news reports from the Wall Street Journal and Reuters, the company in a statement didn’t deny the details but said it had nothing to announce.

“As we’ve said, part of the ongoing management of our business includes aligning our global staffing to meet business plans, and staying cost competitive as our industry evolves. At the same time, we continue to hire in key areas so that we have the skills and expertise needed to deliver on the Ford+ plan and leading products and services,” the statement read.

Most of the cuts will come in the US even though the number of workers expected to face unemployment was unknown.

Last year Ford cut about 3,000 positions from white-collar officers and contract employees.

The automaker’s plan follows reports of layoffs at competitors General Motors and Stellantis, both of which face their own challenges as the car and truck sector face serious pivots in the market. All three are trying to scale up their electric vehicle business while maintaining their gas-powered business.

At GM, several hundred contract workers were laid off at the Warren Tech Center and at other facilities earlier in May.

In April, Stellantis, which is made up of Fiat-Chrysler and European car brand PSA, announced it was offering buyouts for 3,500 hourly jobs.

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