There is much debate on how the ongoing trade wars will affect US-based companies. At the moment, bitcoin looks like the biggest winner from the trade wars. Both China and the United States will continue to lose if an agreement is not reached. Ford restructuring for over $11 billion is just one of the many US companies feeling the aftermath of the trade wars.
According to Bloomberg, the Ford restructuring will cost over 7000 people their jobs in this year alone. Ford believes that this move will result in billions of dollars being saved. The company’s stock however shows no signs of recovery.
The Ford restructuring will target mostly its managerial workforce. There are more than 200 000 employees and the move will save Ford nearly $600 million each year.
Jim Hackett, the CEO of Ford openly addressed the workers via an open letter which stated:
“We are entering the final weeks of Smart Redesign in North America and I want to update everyone on our progress. Firstly, I want to thank you for your focus and dedication. Our industry is highly competitive and in order for Ford to succeed in the future, we must drastically reduce bureaucracy, empower managers, increase the efficiency of decision making, prioritize work flow and most importantly, cut costs. This process required a huge amount of work across many layers of the company.”
Out of the 7000 workers who are about to lose their jobs, many have accepted the buyout packages. More than 500 people are projected to undergo involuntary separation in the following weeks.
The Ford restructuring is obviously a preparation for the recession
Many employees are aware that a recession seems inevitable at this point. This is the main reason many of them are happy that Ford offers these severance packages in the first place. When the recession inevitably comes, mass layoffs will be almost guaranteed and there won’t be any buyout packages for sure.
Initial separations will be finished in North America by the end of the month. The Ford restructuring will take a few more months to be finished into other regions. In North America, over 30% of the white-collar workforce is laid off.
Last year, General Motors laid off over 14 000 workers and the result was received well by the stock market. There are currently no such outlooks for Ford, but this can largely be attributed to the ongoing trade wars.
In addition to the trade wars, the global auto market is incredibly saturated. This makes it very difficult for traditional manufacturers to grow. The electric car market is booming in both China and the US and the market is adapting to the changing needs and desires of the public.
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