Ford's Massive Layoffs Highlight Europe's EV Crisis

Ford plans to cut 14% of its European workforce, mainly in Germany and the UK, due to financial losses and weak EV demand. The move reflects challenges from Chinese competitors, regulatory issues, and a lack of government support in transitioning to electric vehicles.

Ford announced on Wednesday its decision to reduce its European workforce by approximately 14%, citing substantial losses worsened by weak electric vehicle demand, insufficient government backing for the EV transition, and escalating competition.

Following other automakers like Nissan, Stellantis, and GM, Ford aims to manage costs amid growing challenges from Chinese competitors and global market fluctuations. The 4,000 job cuts will predominantly affect Germany and the UK, impacting Ford's overall workforce of 174,000 worldwide.

This strategy deals a significant blow to Germany, Europe's largest car-producing nation, where firms face mounting pressure from local political and international trade issues. Ford calls for more supportive policies and infrastructure investments to assist consumer transition to EVs.

(With inputs from agencies.)