Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
UK Businesses Urge Government to Cut Electricity Levies 
US Treasury Yields Near 5% as Oil Fuels Inflation Fears 
Novartis Shares Plunge After Muscle Drug Fails Phase III Trial 
Nvidia-Groq AI Chip Deal Faces U.S. Antitrust Probe 
Gold Prices Steady as Hot PPI Boosts Fed Rate Hike Bets 
Google Revamps EU Search Results to Meet DMA Rules 
Asian Stocks Slide as Oil Surge Fuels Rate Hike Fears 
U.S. Accuses Chinese AI Firms of Extracting Model Capabilities 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
TetherMax Expands into Asian Market Following Rebranding, Names Actor Yun Siyun as Brand Ambassador 
Can Europe shake its Russia links for good? 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Huawei, Chinese AI Chipmakers Raise Prices as HBM Shortage Bites 
UK Economy Grows 0.4% in July, Beating Forecasts 
Add as a preferred source on Google
Ford Motor said on Tuesday, Feb. 14, that it has plans of laying off 3,800 workers in Europe. The company said that the job cuts will take place over the next three years.
Ford Motor said that this decision was made in connection with its transition to electric vehicle production. It added that this is also a move to adopt a “leaner” structure so it can focus on building EV units.
The Dearborn, Michigan headquartered automaker further explained that 2,300 jobs are affected in its production and development administration facility in Germany while 1,300 are based in the United Kingdom. The remaining 200 are other workers who are stationed elsewhere in Europe.
According to CNBC, most of the employees who will lose their jobs hold engineering roles and are involved in vehicle design and development. All in all, Ford Motor said it employs around 34,000 workers in Europe so the 3,800 is a small percentage.
At any rate, the company said that this revamp will not have an effect on its goal of developing and selling all-electric vehicle units by the year 2035. It is expecting the production of its first European-built EV to begin in the second half of this year.
“These are difficult decisions, not taken lightly. We recognize the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead,” Ford Model e’s general manager in Europe, Martin Sander, said in a statement.
He went on to say, “Paving the way to a sustainably profitable future for Ford in Europe requires broad-based actions and changes in the way we develop, build, and sell Ford vehicles. This will impact the organizational structure, talent, and skills we will need in the future.”
Photo by: Shantanu Goyal/Unsplash
