Ford's Shocking Layoffs Amid Soaring EV Costs

Ford's electric vehicle venture hits a rough patch, resulting in a workforce shake-up and a shocking decision to axe 1,000 North American jobs amidst rising costs. The American automaker confirmed this step, dealing primarily with struggling departments like electric vehicle production and software programming. This setback comes just as Ford anticipates a frightening $3 billion operating profit loss from their electric vehicle division in this year alone. Maneuvering through these testing times, Ford is counting on profits from gas-engine vehicles to buffer the financial pressure until the electric vision materializes. This incident isn't the first; last summer witnessed a layoff of roughly 3,000 employees and further extensive downsizing occurred earlier this year for European operations. Amidst this adversity, the automaker received a glimmer of hope as the Department of Energy granted them a milestone $9.2 million loan for battery production. It seems Ford’s rollercoaster journey is far from over. Perspective shifts to Biden’s 2035 electric power transition plan as Ford fights to keep its standing in this game.

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