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Thread: Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs

  1. #1

    Ford Prepares for Mass Layoffs After Losing $1 Billion to Trump's Trade Tariffs

    Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.

    Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly.

    Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.”
    http://fortune.com/2018/10/09/ford-s...trade-tariffs/
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.




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  3. #2
    Scapegoating.
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  4. #3
    as the company is in the midst of a reorganization
    Key part to take away. Ford is turning away from sedans to focus on trucks. The only car they are retaining is the Mustang. In the top 5 selling Ford vehicles in 2017 the Fusion and the Focus were in the number 4 and 5 spot. So, let's look at that again. Of their top 5 selling vehicles they cut two of them.
    Foreign sedans are simply kicking their ass. All they have are trucks and SUVs.

  5. #4
    Quote Originally Posted by phill4paul View Post
    Key part to take away. Ford is turning away from sedans to focus on trucks. The only car they are retaining is the Mustang. In the top 5 selling Ford vehicles in 2017 the Fusion and the Focus were in the number 4 and 5 spot. So, let's look at that again. Of their top 5 selling vehicles they cut two of them.
    Foreign sedans are simply kicking their ass. All they have are trucks and SUVs.
    Indeed.

    Plus things in Carolina are pretty good so tariffs must topple economic axioms.
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  6. #5
    Quote Originally Posted by kcchiefs6465 View Post
    Indeed.

    Plus things in Carolina are pretty good so tariffs must topple economic axioms.
    Does my posting on the current substantial uptick in employment in my sector of the country offend your sensibilities? The whole article reads like a bad joke that won't even get a guffaw in a loony bin.
    Last edited by phill4paul; 10-10-2018 at 05:42 PM.

  7. #6
    So they are laying off the workers that made the cars they are not going to sell ?
    Do something Danke

  8. #7
    Quote Originally Posted by TheCount View Post
    one reason is the trade tariffs that Trump has imposed
    Another reason is that Fords suck azz.

    Except for their trucks. Their trucks are pretty good.
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  9. #8
    Quote Originally Posted by oyarde View Post
    So they are laying off the workers that made the cars they are not going to sell ?
    That's pretty much the long an short of it. 12% GLOBALLY. Including 2,000 van manufacturing employees for a whole 2 weeks.



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  11. #9
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  12. #10
    Sounds legit.
    Quote Originally Posted by Zippyjuan View Post
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  13. #11
    Did you know 90% of all Fords are still on the road?

    The other 10% made it home!

    It does sound like the 25 billion cost cutting strategy they went into earlier this year isn't working so well.
    https://autoweek.com/article/car-new...fords-big-move
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  14. #12
    Quote Originally Posted by phill4paul View Post
    That's pretty much the long an short of it. 12% GLOBALLY. Including 2,000 van manufacturing employees for a whole 2 weeks.
    Meanwhile tariffistas post celebratory threads for gains of 0 jobs attributed to the economic benefits of more taxes.
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.


  15. #13
    I would not buy a small sedan or SUV from either Ford or GM.
    "There are two freedoms - the false, where a man is free to do what he likes; the true, where he is free to do what he ought."~~Charles Kingsley



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