Ford said on Wednesday it would cut around 14% of its European workforce, blaming significant losses in recent years compounded by weak demand for electric vehicles, a lack of government support for the shift to EVs, and rising competition.
The U.S. company is the latest automaker after Nissan, Stellantis and GM to cut costs as the industry struggles with growing competition from Chinese rivals in Europe, waning demand in China, and the challenges of shifting to EVs that remain too expensive for most consumers to buy.
h/t DS
