Ford is in a transition period and that requires some internal restructuring.
It's been a big year for Ford. Production of the new Bronco finally got underway, the F-150 Lightning was revealed, and the new Maverick arrived as an affordable compact truck. The new Mustang Mach-E is also enjoying strong sales. With so many new products in its lineup - and all of them with the potential to sell up a storm - a casual observer might reasonably assume that it's a rather good time to be a Ford employee, but a period of transition is always uncertain and may require restructuring. That's the case at Ford Motor Co. as the company is looking to cut 1,000 salaried positions in the US as it transitions further into the electrification era.
Ford aims to cut these jobs by means of a voluntary buyout program and employees who were eligible were apparently informed last month. Long-standing staff members with over 20 years of service are set to get the biggest incentives. These will include six months of severance and benefits. In addition, Ford will assist with the reemployment of these individuals. The bigger goal is for Ford to improve its overall financial stability. A Ford spokesperson said that the job cuts will "match our business priorities with the critical skills needed to turn around our automotive operations," which includes building more EVs.
Despite a second quarter that was once again impacted by the semiconductor chip shortage, Ford emerged with a profit of over $1 billion thanks to the strong early reception to models like the new F-150 Lightning and the Bronco. In the case of the F-150 Lightning, over 120,000 reservations have already been made for the electric truck in just a few months. That's good news for Ford considering President Biden wants half of all new vehicles sold in the US to be EVs by 2030. While these may be uncertain times for some Ford employees, there's no questioning the continued strength of the Blue Oval's lineup which will continue to rule on the sales charts.
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