Ford Motor plans to cut its salaried workforce in North America and Asia by about 10 per cent of its 200,000-person global workforce to boost profits and its falling stock price, a source familiar with the plan told Reuters yesterday.
Employees in neither South America nor Europe are included in this announcement, Moran said, because they "already have completed people actions or have them under way".
Ford's first quarter reporting saw profits fall by US$900 million (A$1.21 billion) compared to the previous year, though a US$1.6 billion (A$2.15 billion) profit statement was reported for the period.
Ford has roughly 30,000 salaried workers in the United States and 200,000 salaried employees worldwide. But with Ford spending heavily on autonomous-drive, electric vehicles and mobility solutions, investors are wondering how much those investments will cut into future profits.
Ford has been hiring steadily since the recession as USA vehicle sales reached record highs.
In a statement, Ford would not confirm it is slashing jobs.
A Ford spokesman said the reductions will affect corporate staff, including the finance, legal, human resources, communications, government, marketing, sales and service departments.
Media reports about Ford's job cut program emerged earlier this week but were not confirmed by the automaker until today.
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Ford said it will give employees details on the buyout packages in June.
The automaker said most skill teams in North American and Asia Pacific will be affected, with the exception of product development and Ford Credit, plant manufacturing, information technology, and global data and analytics.
At the start of the year it cancelled plans to build a new factory in Mexico after pressure from President Trump, who had also criticised General Motors' plans to produce cars there.
Ford's stock price has fallen almost 40 percent over the last three years as investors worry that sales in the USA, its biggest market, are peaking.
The cuts are the biggest to Ford's USA white collar staff since 2007, when 7,200 workers took voluntary buyout packages.
Ford's shares have lost more than a third of their value since Mark Fields became CEO in 2014.
"Look, we're as frustrated as you are by the stock price", Ford Executive Chairman Bill Ford said.