Ford to lay off 3,000 employees globally amid restructuring

ANKARA

Ford, one of the major auto manufacturers in the US, announced plans to lay off 3,000 of its staff globally, mostly in North America and India.

In an internal email sent to employees, the company said the decision followed significant restructuring in Ford operations outside North America over the past couple of years.

It was stated that the company's cost structure was not competitive against other traditional and new actors in the sector.

"Building this future requires changing and reshaping nearly every aspect of the way we have operated for more than a century," it said, adding that resources had been rearranged as the company changed the way it worked while adopting new technologies.

Most of the cuts will be in the US and Canada, along with employees of Ford Business Services in India.

Following the move, Ford's shares lost nearly 5% on the New York stock exchange.

The auto maker announced in March that it plans to produce more than 2 million electric vehicles per year by 2026, and that it split its operations into "Ford Model e" and "Ford Blue" to accelerate its electric vehicle work.