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Ford’s Layoffs Prove the Shift to EVs Won’t Be Easy
Ford Motor Company (NYSE: F) recently confirmed that it’s laying off 3,000 workers as the legacy automaker transitions from building traditional combustion engine vehicles to electric ones. The job cuts will affect white-collar workers and some of the company’s contractors, with the goal of both cutting costs and repositioning itself to focus on electric vehicles (EVs). As the company moves in an entirely new direction, it’s trying to find the right footing for not just building more EVs, but also increasing its profit margin.