Ford's Financial Performance Leads to 4,000 Job Cuts

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Erlina Fury Santika 24/11/2024 16:53 WIB

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Ford plans to lay off 4,000 workers in Europe by 2027. What is its financial performance, from revenue to net profit, for this leading US automaker?

Ford Motor Company Revenue and Net Income (Q3 2023 - Q3 2024*)

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Ford's Financial Performance Leads to 4,000 Job Cuts

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Ford Motor Company Revenue and Net Income (Q3 2023 - Q3 2024*)

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US automotive company Ford Motor Company announced it will lay off 4,000 workers in Europe by the end of 2027.

According to Antaranews, this move is intended to create a more cost-competitive structure and ensure the long-term sustainability and growth of its European business.

Ford explained that the planned layoffs will primarily affect operations in Germany and the UK, with minor reductions in other European markets. The company will consult with its European social partners regarding the pending layoffs.

Ford also plans to reduce working hours at its Cologne plant in the first quarter (Q1) of 2025, citing a weak economic climate and lower-than-expected demand for electric vehicles.

So, what is the financial condition of this large company?

According to Ford's consolidated financial report, its Q3 2024 revenue reached US$46.19 billion, a 5.47% increase year-on-year (YoY) from US$43.8 billion in the same period last year.

However, its net income decreased. In Q3 2024, net income was US$896 million, a significant 25.33% YoY drop from US$1.2 billion.

Currently, Ford's assets are recorded at US$287.04 billion, equity at US$44.33 billion, and total liabilities at US$242.7 billion.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."