Ford to lay off 3,000 people globally

Ford, one of the major automakers in the US, announced that 3,000 people will be laid off globally, mostly in North America. Ford CEO Jim Farley and Chairman Bill Ford sent a joint e-mail to employees regarding the issue. The e-mail stated that the company's cost structure was not competitive against traditional and new competitors. It was noted that Ford was changing the way it worked while adopting new technologies, and that resources were being reorganized. In the e-mail sent by Farley and Ford, it was assessed that "Building this future requires changing and reshaping nearly every aspect of the way we have operated for over a century." It was stated that 3,000 people will be laid off globally, and that the layoffs will mostly take place in the US, Canada and India. Following the company's decision to lay off, Ford's shares traded on the New York Stock Exchange lost nearly 5 percent of their value.