Ford gets ready to cut jobs

Ford Motor Co F.N said on Wednesday it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives as the No. 2 US automaker looks to boost its sagging stock price.

The Ford Motor Company is planning to cut its global workforce by about 10%.

The report points out that unlike past job cuts, this round of cost cutting comes while Ford is solidly profitable - 2016 was the second most profitable year ever for the company.

It added: "Reducing costs and becoming as lean and efficient as possible also remain part of that work".

In addition to pressure from investors, Ford and other automakers have been under pressure from President Trump to create American jobs.

Ford's offer will be open to around 15,300 workers, including 9,600 in the US, 1,000 in Mexico, 600 in Canada and 4,141 in Asia.

Ford announced plans last month to trim costs by $3 billion a year to free up money to develop the next generation of electric and self-driving cars and trucks.

Ford's traditional automotive business has struggled more than crosstown rival General Motors Co as the United States auto market declines following seven years of growth.

Ford did not confirm the report.

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The carmaker will emphasise the voluntary nature of the staff reductions by offering retirement incentives to salaried employees.

The cuts, first reported in the Wall Street Journal, are part of a plan to save $3bn (£2.3bn) during 2017.

During his election campaign President Trump was highly critical of the auto industry's use of Mexican plants to produce vehicles for the USA market.

For now boasts a workforce of around 201,000 employees, so a 10% cut would mean massive layoffs of around 20,000 people. The automaker's shares have fallen 40% since Fields became CEO in July 2014.

The Dearborn, Michigan, company says it will release more details to employees in June.

By trimming its cost base, Ford hopes it can return to growth and reinvigorate a declining share price.

But the company is moving ahead with plans announced past year to shift all small vehicle production to Mexico.

Following criticism from Trump, in January Ford scrapped plans to build a $1.6 billion auto factory in Mexico and instead added 700 jobs in MI.

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