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Ford Chief Executive Looking to Reduce Employees As Economy Slips Into Technical Recession

Facing costly investments in electric vehicles, U.S. carmakers are following Tesla’s lead by laying off staff as the U.S. economy slipped into a technical recession. 

On Wednesday, Ford chief executive Jim Farley confirmed he was looking to reduce headcount in its legacy combustion engine business to fund the transformation to EVs and keep pace with Tesla as much as possible. 

“We absolutely have too many people in some places, no doubt about it,” the Ford boss told analysts after the company posted second-quarter results.

“We have skills that don’t work anymore, and we have jobs that need to change.”

Read the source article at Fortune

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