Ford Motor said on Monday it is cutting 3,000 jobs this week in a move to boost profits as it seeks to fund the $50bn it plans to spend on electric vehicles.
Most are coming from Ford’s operations that build traditional internal combustion engine vehicles, which CEO Jim Farley has said he wants to make the “the profit and cash engine for the entire enterprise.” To finance its ambitions, Farley has said he wants to make more money on traditional gasoline-fuelled vehicles like the Bronco sport utility vehicle. He has repeatedly said the company has too many workers.
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