Ford Will Layoff 12,000 Workers, Introduce New Vehicle Line-Up To Improve Financial Performance
June 28th, 2019
Ford Motor Company has plans to overhaul its European market by pushing out a new vehicle line-up, laying off employees, and realigning its operations in hopes of improving its financial performance.
Ford has plans to release three new models in the region over the next five years, including an all-electric Mustang-inspired vehicle to help move the company towards providing emissions-free options.
Ford is also focusing on SUVs and imported models planning to triple the number of passenger vehicles it ships to Europe by 2024. It's hoping to continue leading in pickup sales plus double profitability over the next five years with the changes in place.
There are several factories in Europe being closed, including the Bridgend Engine Plant in South Wales and a transmission plant in France. Overall, total regional manufacturing facilities will be reduced to 18 by the end of next year which is down from 24 at the start of this year. Along with manufacturing plants, the automaker's headquarters in Britain and credit hub in Essex are also closing. All these changes are expected to bring as many as 12,000 layoffs.