Ford To Layoff 20,000 Workers after profits DROP 35% in 2017

According to this Washington Examiner report Ford is planning to layoff 20,000 workers worldwide after reporting a 35% drop in Q1 profits.

Ford Motor Company is expected to announce later this week plans to gut 10 percent of its 200,000-person salaried workforce in North American and Asia, according to multiple reports late Monday.

The layoffs will go into effect by Oct. 1 and employees will receive early retirement incentives.

Hourly workers and those on the production line will not be effected.

Ford recently announced plans to cut $3 billion in costs after its profits in the first quarter of 2017 dropped 35 percent to $1.6 billion, according to a statement the company released April 27. It’s the first time in seven years since the recession that the company saw a decline in profits.

“Reducing costs and becoming as lean and efficient as possible also remain part of that work,” the company said in a statement. “We have not announced any new people efficiency actions, nor do we comment on speculation.”