Ford May Slash 12% of Jobs in EU Revamp

Ford Motor may cut up to 24,000 jobs and stop producing models such as the S-Max, Galaxy and Mondeo as it tries to revive its European business. Ford lost $73 million in Europe between April and June, hurt by declining diesel sales and weak car offerings. Ford faces additional uncertainty from Brexit, which could lead to tariffs on cars and parts traded between the UK and continental Europe, Automotive News reported. Morgan Stanley analysts estimate Ford will shed 12% of its 202,000 workers, mainly in its European operations. Ford has about 12,000 workers in the UK in factories, research and development, administration and dealerships. Ford is likely to end production of the Mondeo midsize sedan, and Galaxy and S-Max large minivans in favor of more profitable SUVs. Ford may also cut its amount of dealerships.