Ford cutting 3,000 white-collar jobs in bid to lower costs

[Progeny2021]

Posted today.


DETROIT (AP) — About 3,000 white-collar workers at Ford Motor Co. will lose their jobs as the company cuts costs to help make the long transition from internal combustion vehicles to those powered by batteries.

Leaders of the Dearborn, Michigan, automaker made the announcement Monday in a companywide email, saying that 2,000 full-time salaried workers would be let go along with another 1,000 contract workers.

The cuts represent about 6% of the 31,000 full-time salaried work force in the the U.S. and Canada. Ford’s 56,000 union factory workers are not affected. Some workers also will lose jobs in India.

The job losses come at a time of unprecedented change in the auto industry that for more than 100 years has made a living by selling petroleum-powered vehicles. Governments across the globe are pushing to eliminate combustion automobiles to mitigate the impact of climate change. Companies like Ford are orchestrating the wind-down of their combustion businesses over multiple years, even though they are still generating the cash to fund electric vehicle development.

https://apnews.com/article/technology-canada-michigan-detroit-ba66a395e3d0e602f40d5a15a58d04ea

Sponsored

 

[Trigganometry]

Great excuse to get rid of your dead wood. That’s exactly what they’re doing too. If you have value they would find a way to keep you!

 

[Progeny2021]

Great excuse to get rid of your dead wood. That’s exactly what they’re doing too. If you have value they would find a way to keep you!

If the coming downturn even approaches the predicted severity, this 'adjustment' is just the beginning......

 

[deleriumtremor]

The yield curve has been inverted for a while. In pre-modern monetary policy times, that was a pretty reliable indicator of a looming recession.

Today, Wall Street is convinced the Fed totally has this and will once again thread the needle and create just the right amount of a soft landing that from the standpoint of the investor class, nothing of import will happen. That is the narrative on a recording loop at CNBC.

i think any company that doesn’t start addressing any excesses it has and take actions to cut burn rates is cruising for a bruising.

I personally think we are headed for a doozie. Most of which won’t have anything to do with us. China is already in a very bumpy economic time and things appear to just get worse, not including if they decide it is time to invade Taiwan, perhaps to flip the script a little and change the subject of their centrally planned mismanagement.

Europe, forget about it. If they don’t enter a depression I will be absolutely shocked. Ironically the only thing that appears to be a possible way out of that fate would be someone putting a bullet in Putin’s ear.

We are in extremely precarious times around the world, perhaps not as precarious all the way back to 1938.

Tough times ahead, I suspect.

PS - I don’t have a lot of faith in Jim Farley. This move and the cuts that are yet to come will likely prove to be intelligent moves. I just feel Jim is just a little too fond of being in front of a camera talking about all his cool new toys coming. Actually making them, he seems a little less interested.

 

[Progeny2021]

In the European theatre, I don't see the looming UK military mobilization as being Ukraine bound, but to control massive unrest that will pervade the UK/Europe in the coming months.

Factoring into western economic 'self sabotage' is the mindless murder of Aleksandr Dugin's daughter, 29yo Darya Dugina. The Kremlin pursuing the Ukrainian woman and her daughter as suspects is little more than a canard IMO.

The Kremlin has a good idea who did it and when the time comes, things will get much tougher in America. I don't see Russia directly attacking America more than I see America's so called 'elite' (it's politically incorrect to use the correct terminology) pushing America further into martial law so they can maintain control. Those whom you love, hold them close.

Aleksandr Dugin has a good handle on the 'cancer' that controls America and most of Europe - Russia has been there, done that with the bolsheviks.

https://katehon.com/en/article/united-states-court-against-ideology-progress


I don't think we can avoid the so called 'digital currency' if we survive the coming years. Look at Russia's and China's gold reserves. Even Zimbabwe (Rhodesia) is minting gold coins for legal tender. Can only imagine where all of this is going for America.

I live in a 'sanctuary city' that has been crippled by crooked elections for the last decade or so. The local media out does itself daily by covering up the sorry truth about local crime. Illegal Aliens are considered 'North Carolina Citizens'. Another major employer heading to Charlotte has recently cancelled those plans - latest in a lengthy list.

https://www.wbtv.com/2022/08/19/cit...lex-commercial-expert-says-it-could-be-tough/

The number one local news story: The fabulously successful 'Pride Parades' of this past weekend. Otherwise, I won't leave my home without my sidearm due to the daily carjackings and random robberies/murders.

 

[Fattirz in NC]

In the European theatre, I don't see the looming UK military mobilization as being Ukraine bound, but to control massive unrest that will pervade the UK/Europe in the coming months.

Factoring into western economic 'self sabotage' is the mindless murder of Aleksandr Dugin's daughter, 29yo Darya Dugina. The Kremlin pursuing the Ukrainian woman and her daughter as suspects is little more than a canard IMO.

The Kremlin has a good idea who did it and when the time comes, things will get much tougher in America. I don't see Russia directly attacking America more than I see America's so called 'elite' (it's politically incorrect to use the correct terminology) pushing America further into martial law so they can maintain control. Those whom you love, hold them close.

Aleksandr Dugin has a good handle on the 'cancer' that controls America and most of Europe - Russia has been there, done that with the bolsheviks.

https://katehon.com/en/article/united-states-court-against-ideology-progress


I don't think we can avoid the so called 'digital currency' if we survive the coming years. Look at Russia's and China's gold reserves. Even Zimbabwe (Rhodesia) is minting gold coins for legal tender. Can only imagine where all of this is going for America.

I live in a 'sanctuary city' that has been crippled by crooked elections for the last decade or so. The local media out does itself daily by covering up the sorry truth about local crime. Illegal Aliens are considered 'North Carolina Citizens'. Another major employer heading to Charlotte has recently cancelled those plans - latest in a lengthy list.

https://www.wbtv.com/2022/08/19/cit...lex-commercial-expert-says-it-could-be-tough/

The number one local news story locally: The fabulously successful 'Pride Parades' of this past weekend. Otherwise, I won't leave my home without my sidearm due to the daily carjackings and random robberies/murders.

I’m sorry you feel that way about Charlotte. I’ve lived in SW Charlotte since Aug. of ‘90 and have a much different perspective. Married with two kids in Charlotte public schools. My wife and I both work full time and never do we ever feel threatened to take the family out and about (especially packing heat). Matter of fact we just dropped off 200 sandwiches for the homeless uptown this morning amidst the tent encampments. I don’t let ANY media spin dictate how I live my life, including instilling fear. Sure, you need to be smart about being out in every major city. I also agree that violent crime is on the rise but that’s also happening in large cities all over the country.

Oh, and Centene pulled the plug because the majority of their workers work remotely or in a hybrid work environment. Their plans for 3200 new employees working on a huge campus were kicked off before Covid. A post Covid work environment for office workers is the reason, not crime and illegal immigrants.

So to getting back to the article topic…. Ford is currently top heavy with white collar workers and Farley is trimming the fat. Good, I’m also a share holder and like any good business with a goal to stay lean, you’ve got to adjust headcount. But you can’t blanketly devalue the white collar work force either. Who do you think is responsible for all of new products recently launched and in the pipeline? Just saying. I agree, in the short term, Farley needs to focus on the many botched product launches and reel in the dealer network thats been giving Ford a black eye.

 

[MountainGoat]

In the European theatre, I don't see the looming UK military mobilization as being Ukraine bound, but to control massive unrest that will pervade the UK/Europe in the coming months.

Factoring into western economic 'self sabotage' is the mindless murder of Aleksandr Dugin's daughter, 29yo Darya Dugina. The Kremlin pursuing the Ukrainian woman and her daughter as suspects is little more than a canard IMO.

The Kremlin has a good idea who did it and when the time comes, things will get much tougher in America. I don't see Russia directly attacking America more than I see America's so called 'elite' (it's politically incorrect to use the correct terminology) pushing America further into martial law so they can maintain control. Those whom you love, hold them close.

Aleksandr Dugin has a good handle on the 'cancer' that controls America and most of Europe - Russia has been there, done that with the bolsheviks.

https://katehon.com/en/article/united-states-court-against-ideology-progress


I don't think we can avoid the so called 'digital currency' if we survive the coming years. Look at Russia's and China's gold reserves. Even Zimbabwe (Rhodesia) is minting gold coins for legal tender. Can only imagine where all of this is going for America.

I live in a 'sanctuary city' that has been crippled by crooked elections for the last decade or so. The local media out does itself daily by covering up the sorry truth about local crime. Illegal Aliens are considered 'North Carolina Citizens'. Another major employer heading to Charlotte has recently cancelled those plans - latest in a lengthy list.

https://www.wbtv.com/2022/08/19/cit...lex-commercial-expert-says-it-could-be-tough/

The number one local news story locally: The fabulously successful 'Pride Parades' of this past weekend. Otherwise, I won't leave my home without my sidearm due to the daily carjackings and random robberies/murders.

Look at what's happening with the Lebanese banks and ask what's so different from the US. I agree it'll be a digital currency "exchange" similar to the gold "exchange" under FDR (unlike the silly withdrawal limits Lebanon did). Unlike the gold exchange though I don't think they're going to offer even close to 100% of value even at first. The gold exchange at least started that way but quickly dropped to 40% as anything fractional like that has never not dropped off. Now it sits at what, 1%? We went from getting fake money for our gold and now looking at getting fake money with social credit and ID tracking for our fake money!

 

[OHTREMOR]

Posted today.


DETROIT (AP) — About 3,000 white-collar workers at Ford Motor Co. will lose their jobs as the company cuts costs to help make the long transition from internal combustion vehicles to those powered by batteries.

Leaders of the Dearborn, Michigan, automaker made the announcement Monday in a companywide email, saying that 2,000 full-time salaried workers would be let go along with another 1,000 contract workers.

The cuts represent about 6% of the 31,000 full-time salaried work force in the the U.S. and Canada. Ford’s 56,000 union factory workers are not affected. Some workers also will lose jobs in India.

The job losses come at a time of unprecedented change in the auto industry that for more than 100 years has made a living by selling petroleum-powered vehicles. Governments across the globe are pushing to eliminate combustion automobiles to mitigate the impact of climate change. Companies like Ford are orchestrating the wind-down of their combustion businesses over multiple years, even though they are still generating the cash to fund electric vehicle development.

https://apnews.com/article/technology-canada-michigan-detroit-ba66a395e3d0e602f40d5a15a58d04ea

If Ford the company needs trimmed due to hard times I get that but has anyone asked how the hell all these electric vehicles will get charged on our lackluster power grid?? Also how will all this electricity be provided?? I may be off base but where I live electricity is mainly generated by burning coal. I thought that was bad for the environment?? Also what is the residual damage to the environment to create and then dispose of one battery pack to run these wonder cars and trucks that will save the world.
I’m all for moving forward and like the idea of hybrid vehicles but really don’t think any of the mental midgets at Ford or in Washington have really thought any of this through.

 

[deleriumtremor]

In the European theatre, I don't see the looming UK military mobilization as being Ukraine bound, but to control massive unrest that will pervade the UK/Europe in the coming months.

Factoring into western economic 'self sabotage' is the mindless murder of Aleksandr Dugin's daughter, 29yo Darya Dugina. The Kremlin pursuing the Ukrainian woman and her daughter as suspects is little more than a canard IMO.

The Kremlin has a good idea who did it and when the time comes, things will get much tougher in America. I don't see Russia directly attacking America more than I see America's so called 'elite' (it's politically incorrect to use the correct terminology) pushing America further into martial law so they can maintain control. Those whom you love, hold them close.

Aleksandr Dugin has a good handle on the 'cancer' that controls America and most of Europe - Russia has been there, done that with the bolsheviks.

https://katehon.com/en/article/united-states-court-against-ideology-progress


I don't think we can avoid the so called 'digital currency' if we survive the coming years. Look at Russia's and China's gold reserves. Even Zimbabwe (Rhodesia) is minting gold coins for legal tender. Can only imagine where all of this is going for America.

I live in a 'sanctuary city' that has been crippled by crooked elections for the last decade or so. The local media out does itself daily by covering up the sorry truth about local crime. Illegal Aliens are considered 'North Carolina Citizens'. Another major employer heading to Charlotte has recently cancelled those plans - latest in a lengthy list.

https://www.wbtv.com/2022/08/19/cit...lex-commercial-expert-says-it-could-be-tough/

The number one local news story: The fabulously successful 'Pride Parades' of this past weekend. Otherwise, I won't leave my home without my sidearm due to the daily carjackings and random robberies/murders.

I am a little fuzzy on the stuff regarding our currency's future. I mean, most currencies are digital today. If I buy some UK pounds at a Kiosk at the airport, sure I get some paper and coinage, but if I buy some UK pounds so I can buy some Gilts, it is all just ledger entries, digital currency as it were.

As far as Aleksandr Dugin's opinion about anything happening here, who care's? The guy is Russia's modern day Joseph Goebbels. The idea man to the biggest police state kleptocracy in modern history. I would bet all the money in my pocket he meets a similar fate to Goebbels (or his daughter) and relatively soon. It is really hard to stay alive when a whole bunch of billionaires want you dead.

 

[deleriumtremor]

I’m sorry you feel that way about Charlotte. I’ve lived in SW Charlotte since Aug. of ‘90 and have a much different perspective. Married with two kids in Charlotte public school. My wife and I both work full time and never do we ever feel threatened to take the family out and about (especially packing heat). Matter of fact we just dropped off 200 sandwiches for the homeless uptown this morning admits the tent encampment. I don’t let ANY media spin dictate how I live my life including instilling fear. Sure, you need to be smart about being out in every major city. I also agree that violent crime is on the rise but that’s also happening in large cities all over the country.

Oh, and Centene pulled the plug because the majority of their workers work remotely or in a hybrid work environment. Their plans for 3200 new employees working on a huge campus were kicked off before Covid. A post Covid work environment for office workers is the reason, not crime and illegal immigrants.

So to getting back to the article topic…. Ford is top heavy with white collar workers and Farley is trimming the fat. Good, I’m also a share holder and like any business to stay lean, you’ve got to adjust headcount. But you can’t blankety devalue the white collar work force either. Who do you think is responsible for the ton of new products recently launched and in the pipeline? Just saying. I agree, in the short term, Farley needs to focus on the many botched product launches and reel in the dealer network thats been giving Ford a black eye.

Glad you are liking the way things are in Charlotte.

I think the willingness to enroll your kids in public schools says a lot about any city. We lived in SF for the better part of our adult life and nobody who could afford to put their kids in private school would consider public schools.

It was funny, we had a lot of fairly liberal friends when we lived there, comes with living in any big city I suspect. When we said we had started to look for a place to move (out of the city) I think most of our friends thought we had lost our minds. When we finally settled on Idaho, most KNEW we had lost our minds, wishing us well like one might to someone about to jump from a 40 story building.

It is funny, but more than one have emailed or called asking about Idaho, seems many have reached the end of their rope. Sad really as San Francisco was such a fun town for us in the early years. Now it has become kind of a crime ridden putrid sink hole of a city. What a shame.

PS - I gave up on F the stock a while back (when I gave up on Jim Farley). Anyone buying the stock at the peak in March of 1998, by the close today, has seen exactly zero capital appreciation. I guess there are the dividends, which perhaps if your last name happens to be Ford, might seem like enough.

 

[Progeny2021]

I am a little fuzzy on the stuff regarding our currency's future. I mean, most currencies are digital today. If I buy some UK pounds at a Kiosk at the airport, sure I get some paper and coinage, but if I buy some UK pounds so I can buy some Gilts, it is all just ledger entries, digital currency as it were.

As far as Aleksandr Dugin's opinion about anything happening here, who care's? The guy is Russia's modern day Joseph Goebbels. The idea man to the biggest police state kleptocracy in modern history. I would bet all the money in my pocket he meets a similar fate to Goebbels (or his daughter) and relatively soon. It is really hard to stay alive when a whole bunch of billionaires want you dead.

Worth watching - full realization by the end of the year.

Recalling the fabulously wealthy men who bankrolled and promoted Bolshevism - one (or more) was based in NYC - arrived from Germany just 25 years prior. Bolshevism was a true abomination - any arguments to the contrary….

 

[Progeny2021]

Glad you are liking the way things are in Charlotte.

I think the willingness to enroll your kids in public schools says a lot about any city. We lived in SF for the better part of our adult life and nobody who could afford to put their kids in private school would consider public schools.

It was funny, we had a lot of fairly liberal friends when we lived there, comes with living in any big city I suspect. When we said we had started to look for a place to move (out of the city) I think most of our friends thought we had lost our minds. When we finally settled on Idaho, most KNEW we had lost our minds, wishing us well like one might to someone about to jump from a 40 story building.

It is funny, but more than one have emailed or called asking about Idaho, seems many have reached the end of their rope. Sad really as San Francisco was such a fun town for us in the early years. Now it has become kind of a crime ridden putrid sink hole of a city. What a shame.

PS - I gave up on F the stock a while back (when I gave up on Jim Farley). Anyone buying the stock at the peak in March of 1998, by the close today, has seen exactly zero capital appreciation. I guess there are the dividends, which perhaps if your last name happens to be Ford, might seem like enough.

CMS is a ‘train wreck’ and has been since I moved here in 1996. Non stop local news stories. My kids were removed nearly as soon as they were enrolled - completed public school in Lexington County, SC.

Current headlines are CMS stopped dealing with the avalanche of ‘racist’ sexual assault cases - not unusual to Charlotte by a long shot.

***********

Stock market has been WAY over valued for decades. Even if Jim Farley flew to Pluto and back successfully in a Lightning pickup truck, Ford’s coming stock price (or anyone else’s) won’t matter.

 

[deleriumtremor]

Worth watching - full realization by the end of the year.

Recalling the fabulously wealthy men who bankrolled and promoted Bolshevism - one (or more) was based in NYC - arrived from Germany just 25 years prior. Bolshevism was a true abomination - any arguments to the contrary….

The guys who want to get rid of Putin and his inner circle (literally like 6 people) aren't wealthy Bolsheviks, they are wealthy Russians.

I tried to watch that guy in the YouTube clip for a while, but it just became too much. He starts, like most of these kinds of videos, with a shred of truth (the current student loan forgiveness Biden put through) and then goes spinning off into "they are panicking".

The plan to try and forgive as much student loan debt as possible has nothing to do with panicking about the US Debt. It is about campaign promises made by Biden during his election campaign, making good on some amount, or at least putting a stake in the ground of where his party stands on the issue. It is for the upcoming midterm elections. It has nothing to do with panicking in the face of the growth of our current US debt).

Anyone who thinks this country's currency is on the verge of collapse is spending too much time on YouTube and not enough time on channels like Fox Business and CNBC. The problem with our currency is it has become too popular. Too many people around the world want to own it, not the other way around. The biggest single problem US multinationals are facing is our currency is too strong. The Dollar Index (nickname Dixy) will tell you how the US dollar is doing. It ain't collapsing.

 

[dtech]

Great excuse to get rid of your dead wood. That’s exactly what they’re doing too. If you have value they would find a way to keep you!

The article states that Ford's cost structure was not competitive with GM, Stellantis and Tesla. Tesla is known as a innovative, lean, agile organization and is now being emulated by others and used in case studies. Like it or not Elon Musk's success with Tesla is a driver of change in other firms, including FoMoCo. as Farley himself has stated.

 

[lazynorse]

Gotta love a boomer cheering layoffs, thinking they're the only one who's ever added value. Gotta love a boomer posting ultra fringe YouTube vids of folks with zero credibility, talking nonsense with no evidence. Gotta love a boomer revealing a little bro-mance with a russian dictator. Lets not forget citing 'rampant fraudulent elections...' I guess all the elections boards, secretaries of state, law enforcement and observers from both sides are all in on it, keeping the biggest secret, secret.

When I retire, I hope I don't rot my brain in front of 24 hr editorial/entertainment channels (note I didn't say 'news,' since its not news). The world is exactly not like how you think it is. When you're old, pissed and poisoned, you tend to fantasize, sorta like dementia in a way. The world through your filter is not the real world.

Sponsored