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The holidays are proving to be a tough time for those who work in the automotive industry. Last week, General Motors announced that it would be cutting more than 10,000 jobs and removing products from five plants beginning next year. This could pale into comparison with what could happen with Ford. Earlier this week, Morgan Stanley analyst Adam Jonas sent out a note to investors saying that Ford's $11 billion restructuring effort could see 25,000 jobs being cut. “We estimate a large portion of Ford’s restructuring actions will be focused on Ford Europe, a business we currently value at negative $7 billion. But we also expect a significant restructuring effort in North America, involving significant numbers of both salaried and hourly UAW and CAW workers,” Jonas wrote. Ford's 70,000 salaried employees have been told that job cuts are coming, but an official figure hasn't been revealed. “These actions will come largely outside of North America. All of this work is ongoing and publishing a job-reduction figure at this point would be pure speculation,” said Ford spokeswoman Karen Hampton to Bloomberg. But Ford CEO Jim Hackett has made things slightly worse. Yesterday, Hackett told reporters "Ford didn’t provide numbers to Morgan Stanley analyst Adam Jonas." Basically a non-denial denial. The company is planning an interim announcement about its workforce later this week. Source: Bloomberg, 2 -
The holidays are proving to be a tough time for those who work in the automotive industry. Last week, General Motors announced that it would be cutting more than 10,000 jobs and removing products from five plants beginning next year. This could pale into comparison with what could happen with Ford. Earlier this week, Morgan Stanley analyst Adam Jonas sent out a note to investors saying that Ford's $11 billion restructuring effort could see 25,000 jobs being cut. “We estimate a large portion of Ford’s restructuring actions will be focused on Ford Europe, a business we currently value at negative $7 billion. But we also expect a significant restructuring effort in North America, involving significant numbers of both salaried and hourly UAW and CAW workers,” Jonas wrote. Ford's 70,000 salaried employees have been told that job cuts are coming, but an official figure hasn't been revealed. “These actions will come largely outside of North America. All of this work is ongoing and publishing a job-reduction figure at this point would be pure speculation,” said Ford spokeswoman Karen Hampton to Bloomberg. But Ford CEO Jim Hackett has made things slightly worse. Yesterday, Hackett told reporters "Ford didn’t provide numbers to Morgan Stanley analyst Adam Jonas." Basically a non-denial denial. The company is planning an interim announcement about its workforce later this week. Source: Bloomberg, 2 View full article
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By William Maley Staff Writer - CheersandGears.com March 21, 2013 Jeep is making some very ambitious goals with the introduction of the new 2014 Cherokee. One of those goals is to produce 250,000 Cherokees annually at Jeep's Toledo, Ohio plant. "We are going to build almost half-a-million cars a year here in Toledo. We are going to do 220,000 with the Wrangler and we are going to do 250,000 on the Cherokee side," said Bruce Baumhower, president of UAW Local 12. Whether Jeep meets this ambitious goal or not with the new Cherokee remains to be seen. Jeep does have a couple things going for it though. For starters, the Cherokee name in the nineties was a very popular vehicle, selling more than 100,000 Cherokees annually. Second is that demand for Jeep vehicles in Europe has been rising. Source: Detroit Free Press William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com March 21, 2013 Jeep is making some very ambitious goals with the introduction of the new 2014 Cherokee. One of those goals is to produce 250,000 Cherokees annually at Jeep's Toledo, Ohio plant. "We are going to build almost half-a-million cars a year here in Toledo. We are going to do 220,000 with the Wrangler and we are going to do 250,000 on the Cherokee side," said Bruce Baumhower, president of UAW Local 12. Whether Jeep meets this ambitious goal or not with the new Cherokee remains to be seen. Jeep does have a couple things going for it though. For starters, the Cherokee name in the nineties was a very popular vehicle, selling more than 100,000 Cherokees annually. Second is that demand for Jeep vehicles in Europe has been rising. Source: Detroit Free Press William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
