Auto Industry Showing Cracks: Ford Begins Final Round Of Layoffs As Unsold Cars Keep Piling Up

 

By Mac Slavo | SHTFplan.com

Ford Motor Co. is finishing up their final round of layoffs today. About 7,000 workers worldwide are losing their jobs in this “booming economy” as unsold vehicles continue to pile up in the once empty parking lots of closed retail establishments.

CEO Jim Hackett notified employees in an email Monday that Ford was nearing the end of its months-long bout of white-collar layoffs that would eliminate 7,000 jobs globally, roughly 10% of the automaker’s global salaried workforce, according to Detroit News. When the U.S. layoffs wrap by June, Ford would have cut around 800 jobs in addition to 1,500 buyouts that occurred late last year, or around 7% of its U.S. salaried workforce.

The first 500 employees to be laid off are being told today.  Both sets of layoffs are largely a result of a slowing auto market and looming economic recession. Ford’s layoffs are part of a $25.5 billion pool of cost cuts expected to roll out over the next few years.

Ford layoffs aim to prune management levels, which would allow for quicker ascension through executive ranks and quicker decision-making. Anderson said Ford’s job cuts aim to answer a tougher problem than GM’s. “Ford set a target for a gross number of management jobs to be reduced,” Anderson said. “That is harder to achieve and keep a successful company than it will be for General Motors. … It’s going to be harder for Ford to maintain the quality they have with this significant headcount reduction.”

But the auto industry is barely holding on right now, and it wouldn’t be too surprising if Ford laid off more workers by the end of this year as well.

Dealers Scramble To Deal With 4.2 Million UNSOLD CARS

Abandoned factories, forgotten shopping malls, and undeveloped parcels of land have become parking lots full of new cars as dealers try to figure out what to do with mounting inventories of unsold vehicles, according to OKCFox, a local Oklahoma City Fox News affiliate reported. But the mainstream media keeps saying the economy is great, and even though stocks have fallen on the news of a heightened trade war, there isn’t much other real truth happening when it comes to reporting on the economy. –SHTFPlan

Of the over 4 million unsold cars and light trucks, over half are from General Motors, Ford or FCA brands. May sales have slumped as consumers just cannot afford to buy at this time […]

via Auto Industry Showing Cracks: Ford Begins Final Round Of Layoffs As Unsold Cars Keep Piling Up — A Sweet Dose of Reality | The Mad Truther

2 thoughts on “Auto Industry Showing Cracks: Ford Begins Final Round Of Layoffs As Unsold Cars Keep Piling Up

  1. SHTF is Just another right-wing, block-chain, prop rag.,That Steve Bannon loves. Why promote them? We know a recession is here. We know Ford and everyone else is laying people off. awhy refer to this shit-rag
    When things do go bad and, the reactors start blowing-up there will be no place to hide. Notice the propaganda and lie articles by tyler durden going after the chinese. If it goes to heck why woul he care? Also goes after millenials. Climate denial nonsense. Red-baiting lies. Kill all de lefties. Who cares about Comey anymore? No one
    GOLD huxtering. HEAVILY INVOLVED WITH AMAZON-SEE AMAZON ENTRY . No one likes obama but still with the Obamas misdeeds will clear Trump. Guns guns guns. A big earthquake or volcanoe ia going to hit. Racist misinfo about Spain. Its americans own fault they and the counyry is going broke.
    CASES IN POINT FRom Mac Slavo Shit files of articles.

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  2. My problem, Jan, is that if I only read blogs I 100% agree with I would only be reading my own blog – and only articles I’ve posted in the last six months. I think we force ourselves into dangerous silos if we only follow opinion makers we totally agree with.

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