In its latest effort to streamline operations and reduce costs, Ford is preparing to initiate another round of layoffs in the upcoming weeks.
CEO Jim Farley stated that because the company is spending billions of dollars on shifting to electrification, it has more work to do than its rivals to cut costs. Farley also emphasized the need to eliminate waste in Ford’s processes related to gas-engine vehicles, which account for most of the company’s profits.
Ford and other automakers have been navigating a difficult transition as they significantly boost their investment in EVs, which are still a small and unprofitable segment of their product lines compared to combustion-engine vehicles.
–via Jalopnik