• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Ford Plans More Mass Layoffs After Getting Multibillion Dollar Loan From Biden: REPORT
Business

Ford Plans More Mass Layoffs After Getting Multibillion Dollar Loan From Biden: REPORT

June 27, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Ford Motor Company Reveals First All-Electric Pickup Truck
Share
Facebook Twitter LinkedIn Pinterest Email

Ford Motor Co. is set to lay off at least 1,000 employees in North America less than a week after the auto titan got a multibillion dollar loan from the Biden administration to invest in its electric vehicle business, The Wall Street Journal reported Tuesday.

Salaried employees began being internally notified of the cuts Monday, with a spokesman confirming the cuts to the WSJ Tuesday and saying that the company is focused on engineers in a bid to save money across all business units. On June 22, Ford and business partner SK On, a Korean battery maker, received a $9.2 billion loan from the Biden administration to construct a trio of electric vehicles factories in the U.S. south. (RELATED: Biden Admin Gives Ford, Foreign Company Whopping $9 Billion Loan For EV Plants)

A Ford spokesman confirmed that the layoffs were occurring, but not how many, in comments to the Daily Caller News Foundation. He said that “even the Wall Street Journal’s estimate would represent an extremely small percentage” of the company’s total labor force.

The cut to Ford’s roughly 28,000 strong workforce is the third in a series of mass layoffs that began with a 3,000 person cut to U.S. jobs last summer as the company looks to blunt the costs of its massive investment in electric vehicles, the WSJ reported. Ford cut an additional 3,800 jobs in Europe in early 2023 as a cost cutting measure to support its electric vehicle pivot after missing its earnings expectations by $1.1 billion in the fourth quarter of 2022.

President Joe Biden drives a Ford F-150 Lightning at the Ford Dearborn Development Center in Dearborn, Michigan on May 18. (Nicholas Kamm/AFP via Getty Images)

Ford’s electric vehicle division lost $722 million in the first three months of 2023, costing the company more than $60,000 per car sold. The company’s electric vehicle division is on track for roughly $3 billion in yearly losses, but nonetheless projects that it will begin turning a profit next year.

See also  REPORT: ‘M*A*S*H’ Star Eileen Saki Dead At Age 79

Ford has also cited the annual costs of its internal-combustion-engine divisions as too high compared to rivals, making it difficult to cover the billions in losses set to be accrued by the company’s electric vehicle division, the WSJ reported. The company is also preparing for negotiations with the United Auto Workers union, which represents its hourly factory workers, in which the union is expected to be particularly aggressive about securing benefits for workers.

“These companies are extremely profitable and will continue to make money hand-over-fist whether they’re selling combustion engines or EVs,” said UAW President Shawn Fain, according to the WSJ. “Yet the workers get a smaller and smaller piece of the pie.”

Following Ford’s difficult first quarter, Heritage Foundation economist E.J. Antoni told the DCNF that Ford’s decision to go “all-in” on electric vehicles was a “tremendous risk” that would require help from the Biden administration.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Biden Dollar Ford Layoffs loan Mass MultiBillion Plans Report
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

M Chinnaswamy Stadium, Bengaluru pitch history and IPL records

April 17, 2023

VP Harris promises a ‘raise’ for US workers on federal projects

August 9, 2023

Hollywood writers vote on whether to give negotiators power to call strike

April 17, 2023

Phillies’ JT Realmuto Ejected for Comically Absurd Reason

April 1, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

NC State Senator Moves to Ban Participation Trophies

April 16, 2023

My ‘Testicles … Don’t Make Me Less of a Woman’

November 9, 2023

YouTube star reveals message inviting him to join doomed Titanic sub voyage: ‘I could have been on it’

June 26, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.