MADRID – Ford Motor Co. said on Thursday that it plans to cut jobs across all functions in a wider restructuring effort to improve profitability of its business in Europe, which could also include a potential alliance with Volkswagen AG on commercial vehicles.
The United States car maker said it is starting consultations with union partners and stakeholders to create a “sustainably profitable business” in Europe. It aims to achieve the job cuts through voluntary exits in Europe as far as possible.
In the near term, Ford said it plans to reduce structural costs and adjust its product portfolio to improve financial performance.
“In parallel, the fundamental redesign will include changes to Ford’s vehicle portfolio, expanding offerings and volumes in its most profitable growth vehicle segments, while improving or exiting less profitable vehicle lines and addressing underperforming markets,” the company said.