Ford to Cut 1400 Salaried Jobs in North America, Asia

FILE Ford Motor Co. assembly workers listen during a news conference at an assembly plant in Flat Rock Michigan

FILE Ford Motor Co. assembly workers listen during a news conference at an assembly plant in Flat Rock Michigan

Lowering costs and being leaner and as efficient as possible, remains part of that focus, said the automaker in a prepared statement.

President Donald Trump throughout his early days in office has pushed for automakers to create jobs in the U.S. Ford is pouring billions into developing driverless cars, while sales of its conventional models are struggling to keep pace with rivals including General Motors Co. amid a slowing US auto market.

Ford spokesman Mike Moran said the company's immediate goals "include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities".

Ford's plans to possibly cut its global workforce was first reported by the Wall Street Journal. But Ford said it hasn't announced any job cuts and won't comment on speculation.

Worldwide, Ford employs roughly 200,000 people, and the job cuts will in large part affect salaried employees, according to people familiar with the matter.

At the start of the year it cancelled plans to build a new factory in Mexico after pressure from President Trump, who had also criticised General Motors' plans to produce cars there. Reuters reported the cuts would eliminate 10% of Ford's salaried staff in North America and Asia.

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Ford has been under pressure in recent days from both its investors and its board of directors to improve its financial performance and find a way to boost its stock price.

But investors are clearly anxious that sales in the U.S., Ford's biggest market, are peaking.

President Trump during his campaign for the presidency previous year was very critical of the industry's use of plants in Mexico to manufacture vehicles that were to be sold in the USA market.

Ford did not confirm the report.

"What's more, the US auto market, where Ford makes the bulk of its profit, appears to have peaked", USA Today added.

The company is also spending heavily on technology with an uncertain future, like self-driving vehicles. Since Mark Fields assumed the role of CEO in July, 2014, shares have declined almost 40 percent, despite record profits over the last few years.

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