Ford to Cut Thousands of Jobs By the End of Summer According to the carmaker,
7,000 jobs will be gone by August. That is 10% of the company's global workforce. Ford says the cuts are due to a big restructuring plan, which started
in 2018. According to CEO Jim Hackett, the cuts are needed
to help Ford compete with rivals in the future. Ford CEO Jim Hackett, via memo The ongoing revamp plan
also preserves $600 million
annually for Ford.