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Ford, like other major manufacturers, has a staff that is primarily employed to support a classic combustion technology product selection. Farley has outlined a strategy for Ford to produce a diverse array of electric vehicles in the future. Ford, like Tesla, seeks to increase income through services that rely on digital software and connection.
Rising battery, raw material, and transportation costs are putting further strain on Ford and other manufacturers. Despite 3 billion USD in additional expenses owing to inflation, Ford has maintained its full-year profit prediction. Ford has begun to divide its activities into three groups: electric, combustion engine, and commercial vehicle. In July, Farley stated that cost savings will occur in the combustion processes. However, Ford stated that the layoffs will affect the whole organization.
General Motors, which is a big competition to Ford, already slashed 14,000 workers in late 2018 as it prepared to accelerate its electric car plan.
Movement of Ford in the last 5 years. (Source: Trading Economics)
Sources:
https://tradingeconomics.com/f:us
https://successpitchers.com/ford-cuts-3000-jobs-as-it-pivots-to-evs-software/