By Shelby Lin Erdman, Cox Media Group National Content Desk
The Ford Motor Co. is planning to cut up to 10 percent of its 200,000-member global workforce to reduce costs and streamline its operations, according to a report in the Wall Street Journal.
The report said the estimated 20,000 layoffs will mostly affect salaried employees, a majority of whom work in North America, as the No. 2 U.S. automaker works to increase its profits and stock prices.
The company has not confirmed the report, but issued a statement acknowledging that it is focusing on “three strategic priorities,” which include protecting its “core business … transforming traditionally underperforming areas of our core business,” and “investing aggressively … in merging opportunities.”
“Reducing costs and becoming as lean and efficient as possible also remain part of that work,” the automaker said.
There was no specific mention of layoffs in the statement, but the company has seen its stock prices tumble and its market share slip since bringing on CEO Mark Fields in 2014, which is causing concern among investors.