job cuts
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Amid pressure from shareholders over its underperforming stock price, Ford has confirmed it will shed 10 percent of its salaried workforce in North America and Asia. The automaker said it plans to accomplish the cuts through voluntary buyouts and early retirement packages. In all, the 10 percent reduction in its salaried workforce translates to 1,400 positions, according to USA Today. The job cuts come following healthy profits and record sales in recent years, though the numbers have been on the decline since the start of 2017. Ford said it will focus on "becoming as lean and efficient as...
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UK auto aid approved by EU, now accepting bids for share of £2.3 billionThe weak economy knows no borders, rampaging across the globe taking its toll in lost jobs and bankruptcies. The car industry in particular is no stranger to this strife, and some might say Great Britain's carmakers most of all, considering their rocky history. In late January UK Business Secretary...
Nelson Ireson -
GM to cut 10,000 salaried positions
General Motors has notified its employees that it will reduce salaried employment globally from a current level of 73,000 to approximately 63,000 - a reduction of 14% - over the course of the year. The company will also slash compensation and benefits for its remaining salaried employees as it...
James Martinez -
Nissan forecasts $2.6 billion loss, slashes 20,000 jobs
Nissan is the latest carmaker to succumb to the effects of the global economic crisis, with the company announcing today its financial results for the third quarter of fiscal year 2008 and a massive round of job cuts. In the third quarter, the consolidated net loss after tax came to ¥83.2 billion...
Jeremy Weber -
Three day working week for 600 Aston Martin staff
The tough times facing the car industry are not new, but the extended duration is beginning to take its toll on even the most luxurious carmakers. Having already announced that it would be cutting its 1,850-member workforce by up to 600 jobs, Aston Martin has now revealed that it will put its...
Kenneth Hall -
Jaguar-Land Rover sheds 850 jobs, remains in aid talks
Since Tata purchased Jaguar and Land Rover from Ford earlier this year, things have been looking decidedly up for both brands. Jaguar even posted its first sales increase in two years in May, largely as a result of the successful XF debut. Now, however, the realities of the global economy are...
Kenneth Hall
