Ford Motor Slashes 580 Jobs, Mainly In Engineering: CNBC

• Ford Motor Co (NYSE:F) is slashing 580 U.S. salaried employees and agency workers as part of its ongoing Ford+ turnaround plan, CNBC reported.
• The job loss includes 350 salaried and 230 agency positions, mostly in engineering.
• The move comes as the auto major moves away from making vehicles with internal combustion engines, steering towards electrification.
• The company is also in the process of reorganizing its operations to separate its electric and internal combustion engine businesses into different units.
• The report quoted the company stating, "We continue to align staffing around the critical skills needed to deliver our products, services, and the Ford+ plan."
• Ford said eligible employees would receive benefits continuation and severance equal to up to nine months of pay based on service.
• Price Action: F shares traded higher by 2.89% at $15.28 on the last check Thursday.
• Photo via company website