6 C
London
Wednesday, April 24, 2024

1,300 Ford jobs will be lost in China, according to local media

Date:

Related stories

WHO hosts the first forum on traditional medicine

The World Health Organization will convene its first summit...

Despite profit-taking, the price of oil still records a weekly rise

As the dollar rose and oil speculators took profits...

Kenya bans churches after allegations of killing worshipers who were starved

According to a government document made public on Friday,...

Ford Motor Co. plans to cut jobs in China, potentially by more than 1,300, as sales in the world’s largest car market fall, according to local media including Economic Daily News.

Ford’s wholesales in China fell below 500,000 units for the first time in a decade in 2022, continuing a decline that began in 2016, when the US automaker shipped 1.27 million vehicles and held a 4.6% market share. This share fell to 2.1% last year as Chinese consumers embraced electric vehicles manufactured by Tesla Inc. and local players such as BYD Co.

“Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a Ford spokesperson told Bloomberg News in an email. “We can only win by operating as a lean and agile organization.” These steps are required if we are to build a healthier and more sustainable business in China.”

Read Also  Tax burden to rise by £3,000 per family, warns think tank

She didn’t say how many jobs would be lost or when they would be lost.

In China, Ford sells only one electric vehicle, the Mustang Mach-E.

Ford announced earlier this year that it would cut 3,800 jobs across Europe due to rising costs associated with the transition to EVs. The company, which employs approximately 173,000 people worldwide, has stated that it will invest $50 billion in EV production by 2026.

“China remains a very important market, and Ford is committed to developing our business here,” the spokeswoman said. “In China, we will continue to accelerate our electrification transformation.” Our new localized EV products are currently being developed. We are also collaborating with our partners to strengthen our EV business, including distribution expansion.”

Read Also  Why UK interest rates could rise this week

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome & exclusive content in your inbox, every week.

We don’t spam! Read our privacy policy for more info.

insiderblm
insiderblmhttp://insiderblm.com
InsiderBLM is a fast-growing business site with deep financial, media, tech, and other industry verticals.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

We don’t spam! Read our privacy policy for more info.

Latest stories