Ford cuts jobs in EU due to weak EV demand & Chinese rivals
On Wednesday, November 20, Ford announced it would cut about 14% of its European workforce. The legacy automaker cited weak demand for electric vehicles (EVs), poor government support, and competition from Chinese rivals for job cuts.
Ford stated that about 4,000 jobs would be cut in Germany and Britain, representing about 2.3% of its total workforce of 174,000 in Europe. Ford’s announcement came after other legacy automakers, including Nissan, Stellantis, and General Motors, stated they would be cutting costs.
All the automakers cutting costs have cited EV demand as an issue, stating that electric vehicles were too expensive for consumers.
In August, EV sales were down by nearly 44% in Europe. EV sales were down by double-digits in major car EU car markets like Germany, France, and Italy. For instance, Germany reported a 68.8% drop in EV sales for August.
Germany abruptly ended its EV incentive program in December 2023, which has been cited as a reason for the drop in EV sales in 2024. Other European countries have also followed Germany and ended EV incentive programs.
Automakers from China have also become a growing concern for car makers seeking to grow market share in Europe. Chinese automakers usually offer lower prices than their competitors, like Ford or Stellantis. The lower prices of Chinese cars are challenging to compete with for non-Chinese automakers.
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Source: https://www.teslarati.com/ford-job-cuts-eu/
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