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Stock Price Falling: Ford To Slash Jobs

May 18, 2017 0 Comments

Multiple media outlets are reporting that market conditions have forced one of the top automakers in the USA to slash their workforce.

USA TODAY reports that Ford will cut just under 10% of its “salaried workforce” in parts of North America and Asia. One primary reason for the cutbacks is Ford’s slipping stock price. The reported workforce reduction plan is for the blue oval automaker to offer “voluntary buyouts and early retirement packages.” Reuters is reporting that Ford will extend the early retirement offers “to 9,600 of 30,000 U.S. salaried workers.”

In a statement reported on by USA TODAY, Ford declared in part, “We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally under-performing areas of our core business and investing aggressively, but prudently, in emerging opportunities.”

What is your take on this decision by Ford to cutback salaried staff? As you look at recent results at your store or group, what kind of year will 2017 be for automotive retail?

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