Ford Shares Declines As The American Giant Says It Will Cut 4000 Jobs Amid Weak EV Sales

The surge in demand of electric vehicles along with other hybrid vehicles has left the American behemoth in a tough position.

Ford is one of the most recognisable brands in the world of automobiles and the corporate world at large. | Glen Johnson

An American Brand In Decline?

Ford is one of the most recognizable brands in the world of automobiles and the corporate world at large. The brand, which is a part of the American identity in many ways has had to face fierce competition in the carmaking business. This is because, with changing times, the elements that run the cart business have also changed.

The surge in demand of electric vehicles along with other hybrid vehicles has left the American behemoth in a tough position. It faces tough competition, not only from its peers in the USA, in the shape of Tesla, it is also facing a stiff competition from Chinese carmakers like BYD and Geely.

Ford To Cut 4000 Jobs By 2027

Amid these developments, the company recently announced that it will be axing 4,000 jobs at the company in Europe by 2027. This decision comes to pass amid weak EV sales for the company along with the larger economic uncertainty.

This also comes at a time, when Europe’s famous carmakers themselves have been struggling to sell their products, which were once known for their engineering prowess. The continent’s biggest car producers, Germany, France, Britain and Italy have struggled to find markets in the supposed growth centre of the 21st century.

This is partly due to shrinking space for the European carmakers in the Chinese market, which has started favouring its own brands. In addition, the dearth of purchasing power of the Chinese has only added to the woes of the Western carmakers and their relatively exorbitant products.

Earlier this year, the company was struck by a strike in the US, which hit the company with losses worth billions.

The company is reported to hold a market share of about 5 per cent.

Source: https://www.freepressjournal.in/business/ford-shares-declines-as-the-american-giant-says-it-will-cut-4000-jobs-amid-weak-ev-sales