June 28, 2019—Ford Motor Company announced 12,000 job cuts and factory closures as it looks toward a leaner operation to regain profitability.
The Detroit Free Press reports that Ford also has plans for at least three new nameplates in the next five years as part of the new company outlook.
“Ford will be a more targeted business in Europe, consistent with the company’s global redesign, generating higher returns through our focus on customer needs and a lean structure,” said Stuart Rowley, president, Ford of Europe, in a press release. “Implementing our new strategy quickly enables us to invest and grow our leading commercial vehicle business and provide customers with more electrified vehicles, SUVs, exciting performance derivatives and iconic imported models.”
All of the new nameplates will include an electrified option, the company said.
The reorganization takes effect on July 1. Six plants will be affected by the end of 2020:
- Proposed closure of Bridgend Engine Plant in South Wales
- Closure of Ford Aquitaine Industries Transmission Plant in France
- Closure of Naberezhnye Chelny Assembly, St. Petersburg Assembly and Elabuga Engine Plant in Russia
- Sale of the Kechnec Transmission Plant in Slovakia to Magna