Ford Motor Co announced 4,000 job cuts in Europe, with most of the layoffs involving Germany and the UK.
This decision was made in the wake of EV demand continuing to decline, coupled with fierce competition from Chinese manufacturers who receive large subsidies.
This reduction of 14% of Ford's workforce in Europe is expected to be completed by 2027.
At the same time, production of EV Explorer and Capri models at the Cologne plant will also be reduced.
Ford's market share in Europe has now fallen to 3.3%, compared to 4.1% last year.
Ford blames unclear government policy, dwindling EV incentives, and tighter carbon emissions targets in Europe and the UK.
The company's shares have fallen 27% since July, forcing CEO Jim Farley to cut costs aggressively, including closing the Saarlouis plant in 2025.
With increasingly challenging market challenges, Ford now needs to plan a new strategy to remain relevant in this industry.
Will this company be able to survive and remain relevant in the increasingly fierce EV market?
