Ford Announces Layoffs of Over 1,000 Salaried Workers to Cut Costs Amid Transition to Electric Vehicles

Ford Motor will carry out layoffs affecting engineering jobs in the U.S. and Canada to cut costs.
Most of the layoffs will target engineers, but will impact all business units including Ford Blue, Ford Model e, and Ford Pro.
The layoffs are part of Ford's Ford+ plan announced in 2021 to reduce costs by $7 billion and match staffing to new priorities like electric vehicles.
Ford CEO Jim Farley says Ford aims to manufacture 600,000 electric vehicles per year by the end of 2022 and 2 million per year by 2026.
Despite the layoffs, Ford shares rose nearly 1% on Tuesday as the company invests billions in electric vehicles.