The Latest Breaking News from Jim Farley

The job cuts are expected to come among salaried employees in a variety of operational functions and are likely to begin this summer, sources told Bloomberg.

Two high-level Ford Motor Co. executives — Hau Thai-Tang and Frederiek Toney — are retiring later this year, the Dearborn automaker announced Thursday.

One of the largest traditional automotive companies has seen early success with a transition to electric vehicles. The company recently filed several trademarks for new brand names that suggest it could be transitioning several of its existing gas-powered vehicles to new electric vehicle models.

Ford made no secret of its plans to expand the brand's all-electric pickup truck lineup, and this appears to be the first official step in that direction.