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Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs


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Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says

Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.

Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly.

Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.”

While reports have indicated that the job cuts are likely to come early next year, The Kansas City Star reported Tuesday that Ford has temporarily halted production of transit vans in Claycomo, Mo. The move is intended to build up Ford’s inventories of the vans, but it will leave 2,000 workers idle between Oct. 22 and Nov. 4.

Despite news of the layoffs, Ford’s stock closed down 3.4% Tuesday.

At a time when automakers are scrambling to prepare for self-driving cars, Ford is also struggling to keep pace with the rest of the industry. September was a bad month for U.S. auto sales—with aggregate sales down 7%—but Ford’s drop off was even more severe. Ford said its sales of its vehicles declined 11.2% last month, with sales of its best-selling F-Series pickup trucks down 9%.

Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs, Report Says
 

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domct203

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I wonder how many jobs were lost when these parts were originally outsourced years ago? the only thing the investors at Ford cared about at that time was the bottom line profits, not the fact that they would be putting all these small US based sub-contractors out of business.

I guess that 'Blaming Trump' is the new thing ........
 


massacre

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Can’t just single out Ford
Look at manufacturing as a whole, not much made here anymore.
 




Turdle

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Well, I guess if they provided something customers wanted to buy they could sell more of them.....
You make a good point. People who are buying new cars are buying trucks and SUV's

F150 is the best selling car ever, and the new Lincoln navigator has spurred record sales growth for a particular model.
 


massacre

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I see a lot of mustangs on the road?
 


domct203

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Can’t just single out Ford
Look at manufacturing as a whole, not much made here anymore.
I’ve been in manufacturing my entire life (CT), couldn’t agree more. There’s not much left because of lop-sided trade agreements and environmental restrictions that made it cost prohibitive to do businesses in the US.

I worked at Marlin Firearms in North Haven for 26 years before Remington bought them and closed our plant in 2011, I remember when Pratt and Whitney pulled out of North Haven, many smaller job shops in the area couldn’t survive, many raised prices and forced OEM manufacturers to look elsewhere. Many others folded. When Remington announced Marlin was closing and moving production to their other facilities there were almost 300 people employed, now without a job. I’m sure that hurt the city’s economy as well.

It has a ripple effect, as other small businesses like delis, convenience stores, etc suffer as well.

I’m still in manufacturing, and there seems to be a steady rise, especially in the oil, defense, & aerospace fields. We make precision tooling for those industries and have noticed a steady increase in orders, and the return of blanket orders from some of our larger customers that had become stagnant.

Let’s hope things continue this way.
 


gmanpaint

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Maybe if they didn't spend $2B/yr on advertising, and only spent $1B/yr, wait..... How about they cut down the profit margins instead, wait..... How about sleeping in the bed they made? Yeah, that's the one.
 


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