(ZEROHEDGE) – Ford is planning to cut up to 8,000 jobs over the next few weeks in order to boost profits ahead of their foray into the electric-vehicle market, according to Bloomberg, which cited people familiar with the plan.
The job cuts will be concentrated within Ford's relatively Blue unit, which produces internal combustion engine vehicles, and will affect salaried operations throughout the company. The anonymous sources noted that "the plan has not yet been finalized and details could still change."
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The rumored move comes after CEO Jim Farley previously said he wants to transform the Blue unit into "the profit and cash engine for the entire enterprise" - before launching a radical company restructuring in March that saw the company effectively split into two units; the "Model e" group to scale up EV offerings, and the "Ford Blue" unit to focus on traditional combustion engines.