Why Ford's Latest Layoffs Require a Closer Look
A massive round of layoffs is usually seen as a sign of trouble at a company, but Ford (NYSE: F) is trying to prove otherwise.
In an email sent internally on Aug. 22, Ford said it will cut as many as 3,000 jobs this week alone, including salaried as well as contract workers involved primarily in its traditional business of fuel-burning vehicles. That last bit is important, as it explains why the company says it needs the layoffs.
Ford wants to be able to produce 600,000 electric vehicles (EVs) annually by late 2023 and more than 2 million units by 2026. It's no easy task: The company will require a $50 billion investment to achieve its 2026 goal, and it's already behind in the EV race.
Source Fool.com
