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Ford Denies Job Slashing Rumors

Ford Denies Job Slashing Rumors

Ford is denying reports that they could slash as many as 25,000 jobs as part of their massive restructuring program.

Earlier this week, Bloomberg reported that a Morgan Stanley analyst expected Ford Motor Company to slash 25,000 jobs over the next year as part of global corporate restructuring. Ford is currently in the midst of a restructuring plan that will take between three to five years to complete and cost the company upwards of $11 billion.

However, speaking to reporters on Tuesday, Ford CEO Jim Hackett denied that there would be any job losses as part of the restructuring. He stated that Ford had not provided Morgan Stanley with any sort of information to base their analysis on, and that the company would make an announcement regarding their workforce later in the week.

Ford spokesperson Karen Hampton also denied the rumors in a press statement:

"As we have said, we are undertaking restructuring activities that could result in potential EBIT charges of $11 billion, with cash-related effects of $7 billion, over the next five years,” said Hampton. “These actions will come largely outside North America. This includes the targeted and thoughtful approach we are taking to the redesign of our global salaried workforce.

"All of this work is ongoing and publishing a job-reduction figure at this point would be pure speculation."

Hackett did say that costs would be slashed as a result of Ford’s restructuring, up to $25.2 billion by the year 2022. Ford has already announced they would phase out passenger cars from their North American lineup beginning next year, leaving them only with the Mustang along with SUVs and pickup trucks.

via Reuters

Ford is also exploring partnership opportunities with rival Volkswagen. They’ve already signed an agreement to create the next generation of commercial vehicles, and its widely expected for the two to collaborate on the next generation of mid-size pickups and electric powertrains.

With Ford slashing cars from their lineup, it’s also possible that Volkswagen could share production capacity at Ford factories.

NEXT: FORD & VOLKSWAGEN'S RUMORED PARTNERSHIP EXPLAINED

Ford has unveiled the new 2020 Mustang High Performance Package to get the most out of your turbocharged 4-cylinder Mustang. Generally speaking, most people would prefer the higher trims on the Ford Mustang that come with a big, burbling V8 engine. That’s GT for those that want to remain naturally aspirated, and if superchargers are your thing, then the GT500 will come out later this year and should scratch that itch just fine. Or you can go to Ohio and get a Mustang with nitrous and a warranty. That’s pretty cool too. A 4-cylinder Mustang? Heavens forbid. No amount of turbocharging is going to make that cool. But what if we swapped the 2.3-L turbo 4-cylinder in the Mustang with the 2.3-L turbo 4-cylinder in the Ford Focus RS? You know, the car that they never bothered selling in America. That’d be cool, right? Well, anyway, that’s precisely what Ford has done with the 2020 Ford Mustang High Performance Package. What started out as a Focus RS engine swap project has now become the most powerful 4-cylinder Mustang ever made, which isn’t a high bar considering this is still the first generation ever to use a 4-cylinder engine. By using a "5 percent larger 63-millimeter twin-scroll turbo compressor and a larger radiator,” Ford was able to boost the EcoBoost Mustang’s power from 310 horses to 330. Torque remains the same at 350 lb-ft. The Focus RS made 350 hp, so we’re not sure what happened to those extra 20 ponies if this is supposed to an engine swap. This power boost should still put the High Performance Package’s 0-60 time squarely in the mid-4-second range while also getting its top speed to hit the 155 mph limiter. Power goes through the same 10-speed automatic or 6-speed manual as before. In addition to the boosted turbos, the High Performance Package also brings the brakes of the GT and the performance upgrades of the GT Performance Package down to the EcoBoost’s level. This means 4-piston calipers and 13.9-inch front brake rotors from the base GT, as well as sway bars, brake cooling ramps, a front splitter, MagneRide dampers, and a TORSEN limited-slip differential from the GT Performance Package. Top everything off with wider 19x9.5-inch aluminum wheels and Pirelli P Zero Corsa4 summer tires, and you got yourself a performance 4-cylinder Mustang. Pricing was not announced, but don’t expect it to be cheap. The Ford EcoBoost Mustang High Performance Package arrives sometime this fall.
High Performance Package For 2020 Mustang Adds 330 HP To Entry-Level Trim

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