Stalled European Electric Vehicle Sales Trigger 4,000 Job Cuts At Ford

Group 1 - Ford has announced 4,000 job cuts across its European operations due to stalled electric vehicle sales [1][2] - The job cuts will primarily affect the German workforce with a reduction of 2,900 jobs, followed by 800 in the U.K. and 300 across the rest of Europe [2] - The company aims to achieve these job cuts largely through voluntary means by the end of 2027 [3] Group 2 - Ford has committed $50 billion in 2023 to develop a new range of electric vehicles and expand its current offerings, but the transition has faced significant challenges [4] - The European market is experiencing strong competition from cheaper EV imports from China, leading to increased tariffs imposed by the European Union, which have risen to as high as 45.3% [5][6] - The annual EV manufacturing capacity in China is nearly 3 million vehicles, which is more than double the current EU market size [6] Group 3 - The European automotive industry is facing pressure from stringent climate targets, with fines of up to £15,000 per car if EV sales do not meet required percentages [7] - The U.K. government's target for EV sales is set to rise from 22% this year to 80% by 2030, but the current market share has stalled at 18% [8] - Ford and other automakers, including BMW, Mercedes Benz, and Volkswagen, have reported declines in profits, prompting a reassessment of EV production targets [9] Group 4 - The European Automobile Manufacturers' Association has called on EU policymakers to address the high compliance costs associated with upcoming 2025 targets [10] - Recent data from S&P Global indicates a downward revision of the battery EV market share forecast for 2025, from 27% to 21%, reflecting a deteriorating outlook for the European EV market [11]