Ford Motor Co. (F.N.) announced Wednesday that it would incur restructuring expenditures of $1.5 billion to $2 billion in 2023 to close unproductive locations and cut workers.
The manufacturer said “employee separations and supplier settlements” will cost the most. The additional restructuring may be needed “where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses.”
Ford said earlier this year that it would cut one in nine European jobs to save money and concentrate engineering talent in the U.S.
It cut operations in Brazil and India to spend billions on electric automobiles.
Due to electric-vehicle losses, the company provided a cautious full-year forecast a day after excellent quarterly profits.
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