Ford plans to cut 1,150 jobs in Britain, Unite union says

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Within the first nine months of 2018, Ford reported a loss of $199 million in Europe versus its $278 million profit in 2017 over the same time period.

The brand said that every part of the company's European business will come under review as part of a switch in strategy for the blue oval as part of a process which would also see it "improve or exit less profitable vehicle lines".

"Structural cost improvements will be supported by reduction of surplus labour across all functions -- salaried and hourly", it said.

The UK's biggest vehicle manufacturer Jaguar Land Rover (JLR) also announced on Thursday it would cut 4,500 jobs, or about 10% of its workforce, in a bid to save money.

Ford will seek to reduce European staff through voluntary measures as far as possible, the Dearborn, Michigan-based manufacturer said in a statement. The firm also said that it will be working closely with social partners and other stakeholders to achieve this objective.

"We are looking to make a step-change in the performance of the business", Steven Armstrong, Ford's head of Europe, said Thursday in an interview with Bloomberg News. The 52-week range is $7.41 to $13.48, and the consensus price target is $9.97. How many exactly are affected, leaving the Ford open.

The remaining cuts would be at Ford's transport operations, affecting lorry drivers across the United Kingdom, the union added.

With speculation swirling about the details of an nearly certain link up between Ford Motor Co. and Volkswagen AG, the company announced it plans to cut "thousands" of jobs in Europe in the near term.

Ford shares traded down 0.5 percent to $8.68 as of 11 a.m. Thursday in NY trading.

Ford also will build on its success in the growing utility segment in Europe. From Fiesta to Transit, either a mild-hybrid, full-hybrid, plug-in hybrid or full battery electric option will be offered, delivering one of the most encompassing line-ups of electrified options for European customers. Its unprofitable Russian joint venture, Ford Sollers, is under strategic review, says Armstrong, with a decision on its future likely in the second quarter.

The auto maker has said that it would close a factory in Bordeaux, France, at the end of August 2019 and will also stop producing two of its mini vans at its factory in Saarlouis, Germany, reported the New York Times.

The European arm will now be organised into three business units: commercial vehicles, passenger vehicles, and niche imports.

Ford's $14 billion global cost-saving plans includes exiting the minivan segment, stopping manufacturing of automatic transmissions in Bordeaux in August, reconsidering its operations in Russian Federation, and combining the headquarters of Ford U.K. and Ford Credit to a site in Dunton, Essex.

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