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Marketplace Morning Report

Ford layoffs necessary to fund bets on its future

Jack Stewart May 21, 2019
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Cars are reflected in the grill of a new Ford truck in Richmond, California.
Justin Sullivan/Getty Images

Ford is cutting 7,000 jobs around the world in an effort to restructure the company and cut costs. Of those 7,000 jobs, 800 of them are based in the U.S. Ford chief executive Jim Hackett said in an email to staff that the move would save the company about $600 million per year.

Unlike GM and Chrysler, Ford avoided bankruptcy a decade ago during the global economic meltdown. Its F-150 pickup truck has been a profitable best-seller for more than 30 years. But Ford is trimming costs to gear up for a more challenging and uncertain future.

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