Sunday 2 September 2018 10:05 pm

Job cuts loom as Ford gears up for major business redesign

Analysts at Morgan Stanley have predicted that car-maker Ford is preparing to axe around 24,000 jobs as part of major redesign of its European business.

The Sunday Times reported that the car giant could axe up to 12 per cent of its global workforce across European outposts in the UK, Spain and Germany.

The newspaper also reported that the Mondeo model could be on its way out.

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At its second quarter earnings in July, Ford announced that a major redesign of its Europe business was needed to help it deliver on its long-term target of a six per cent earnings before interest and tax margin.

A spokesperson for Ford said: “We are focused on aggressively attacking costs, implementing facility and product program efficiencies to lower product and material cost, as well as capital intensity in Europe. That work is underway, accelerating our performance now, while also addressing the low-performing parts of our business to ensure a sustainably profitable business for the future.”

Ford declined to comment on whether it was planning to cut jobs.