Ford Credit Would Cut Down 20% of Workforce as Sales Drop
Ford Motor Credit would be cutting down 20% of its US work force since the auto sales fall down and the company would provide financing only for the lesser brands.More than 1,200 jobs shall be eliminated by the end of July and a spokesperson from the Automotive New named Margaret Mellott informed that there was a 21.8% decrease in the Ford Motor Sales last year. Mellott also added that the company is trying to keep the costs in line as compared to the level of receivables.
Better details of the same shall be shared on Thursday when the manufacturer along with its finance unit would release their fourth quarter and the full year earnings report. The job cuts would start as early as mid-February and the reduction would primarily feature the involuntary layoffs and add in some more attrition as well as the retirement. The headquarters at Detroit in addition to the other business units shall be affected to a great extent.
There are currently 6100 employees working for Ford in the United States and there are no such cuts planned by the company in Canada. The employees were informed about the job eliminations on Wednesday. However, we shall get to know about the exact number of cuts on Friday after the official declaration by the automaker.