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Edited by Catty_Wampus22:
10/29/2018 4:24:04 AM
10
Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says
So
Much
Winning
https://finance.yahoo.com/news/ford-prepares-mass-layoffs-losing-002618564.html?soc_src=social-sh&soc_trk=fb&fbclid=IwAR3iL0xJ_G4wJEt30NoHpFaXfWiDS3AU5NlHBvxVjsAEu0ZGeQyoXoJYxAQ
Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says
Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.
Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly.
Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.”
Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.
Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly.
Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.”
While reports have indicated that the job cuts are likely to come early next year, The Kansas City Star reported Tuesday that Ford has temporarily halted production of transit vans in Claycomo, Mo. The move is intended to prevent a build-up in Ford’s inventories of the vans, but it will leave 2,000 workers idle between Oct. 22 and Nov. 4.
Despite news of the layoffs, Ford’s stock closed down 3.4% Tuesday.
At a time when automakers are scrambling to prepare for self-driving cars, Ford is also struggling to keep pace with the rest of the industry. September was a bad month for U.S. auto sales—with aggregate sales down 7%—but Ford’s drop off was even more severe. Ford said its sales of its vehicles declined 11.2% last month, with sales of its best-selling F-Series pickup trucks down 9%.
English
#Offtopic
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3 RepliesI get that you are trying to be relevant and have been posting a bunch of left-wing news articles in an attempt to "gotcha!" the Trump supporters. I say this as a friend. It isn't working. there are two reasons why. 1. a fan base is a fan base. You can't reason with fans. they support the man no matter what. 2. Your articles suck. For example. Your ford article is self-defeating. Any amount of digging would find that these people were going to get laid off anyway. It is a by-product of a growing economy. Jobs shift around to maximize productivity. if stuff like this didn't happen, it probably means the economy is stuck at the same low growth rate and is not going anywhere. So you are alienating the fan base, you are alienating the intellectuals, and you are alienating the people who are trying to stay out of the politics. Lose, Lose, Lose. The only win you have, is you are giving a genital rub to the minority of liberal people here. Pick your battles, my man, and drop the politics
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Ur ghey shuddup [spoiler]sarcasm[/spoiler]
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3 RepliesI’m surprised car manufacturers still employ so many people . I’d assume it’s mostly robots that do the work. Therefore Robots getting ready for a mass layoff.
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2 RepliesSales are down because nobody asked for 4-cylinder Mustangs
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At least stock market is at all time high, oh yeah, it's not.
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1 ReplyEdited by NeoIcarus1: 10/29/2018 11:57:10 AMThe title is misleading, so Ford missed out 1 billion dollars in profits too bad, they still made a profit just minus 1 billion, maybe. So the answer is to layoff 24000 workers, altho Ford is restructuring according to the article which means they could be laying off workers due to the restructuring not because they missed out on that billion and vlaming Trump's tariffs. Ford made roughly 7 billion dollars last year and probably will make more. They are one of the best companies to work for as an employee as they give benefits and bonuses that are usually in their Union contracts. Most of the people laid off will probably still get paid as laid off Union workers are paid while off and are the first to be called back when more work comes in. Part of Ford's restructuring is getting rid of some models and moving to electric cars. Doubt tariffs have anything to do with their losses as their stock price is just above $9 which compared to Apple or Google, younger companies basically says Ford isnt good at money making decisions. This article is another piece of fake news to grab headlines kinda like the OP has been doing lately. Anyone could do a simple search and dispute most of the articles facts, as I did.
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Woohoo! Take that bourgeoisie scum! One step closer to the revolution.
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I lost a $25/hr UAW job under Obama. With high gas prices and universal health care crippling businesses, the company saved money and went south.
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fake news
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11 RepliesI thought liberals were against the corrupt corporations. You should be happy they are struggling.
