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10-29-2018, 11:23 AM | Topic Starter |
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Ford to lay off 24,000. Temporary stop of production at Claycomo, MO plant near KC
Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.
Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly. Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.” While reports have indicated that the job cuts are likely to come early next year, The Kansas City Star reported Tuesday that Ford has temporarily halted production of transit vans in Claycomo, Mo. The move is intended to prevent a build-up in Ford’s inventories of the vans, but it will leave 2,000 workers idle between Oct. 22 and Nov. 4. Despite news of the layoffs, Ford’s stock closed down 3.4% Tuesday. At a time when automakers are scrambling to prepare for self-driving cars, Ford is also struggling to keep pace with the rest of the industry. September was a bad month for U.S. auto sales—with aggregate sales down 7%—but Ford’s drop off was even more severe. Ford said its sales of its vehicles declined 11.2% last month, with sales of its best-selling F-Series pickup trucks down 9%. Last edited by Chief Roundup; 10-29-2018 at 11:39 AM.. |
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10-29-2018, 11:26 AM | #2 |
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U.S. carmakers are notoriously bad at marketing. I really try to by American products, but cars are never that appealing to me. I have owned one U.S. made car, and that was a Jeep.
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10-29-2018, 11:35 AM | #3 |
Needs more middle fingers
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That's a YOU problem. Their marketing is fine. The cars are as good as they've ever been.
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10-29-2018, 11:45 AM | #4 | |
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I think the Mustang is the lone exception at present. Just trucks, vans, SUVs and commercial vehicles from here on out. |
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10-29-2018, 11:46 AM | #5 | |
Bono & Grbac wasn't enough
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This was inevitable if it were true.
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10-29-2018, 11:52 AM | #6 |
'Tis my eye!
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10-29-2018, 11:47 AM | #7 |
The man you could post like.
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10-29-2018, 11:48 AM | #8 | |
Scarlett Johansson's boytoy
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Quote:
Mustang and Focus Active, though the latter was supposed to import from China, and may have been cancelled (thanks Donald)
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10-29-2018, 11:53 AM | #9 | |
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Sent from my SM-S906L using Tapatalk
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10-29-2018, 11:27 AM | #10 |
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I drove by the old Woodlands last week and I thought I saw a bunch of those Transit vans parked there. Does anyone know if that's the case?
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10-29-2018, 11:29 AM | #11 |
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that's just where all the kidnappers congregate.
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10-29-2018, 11:30 AM | #12 |
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10-29-2018, 11:59 AM | #13 |
Fight, build, win!
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Wouldnt surprise me the old Metro North Mall parking lot is full of them.
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10-29-2018, 11:29 AM | #14 |
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At best....misleading thread title.
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10-29-2018, 11:30 AM | #15 | |
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