Ford Layoffs 2023: What to Know About the Latest F Job Cuts

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Ford (NYSE:F) layoffs are on the minds of investors as the automobile company reduces the workers that make its electric F-150 Lightning.

These layoffs have Ford cutting 700 workers from the three shifts that currently manufacture its electric F-150. The company is removing one of the shifts entirely and will cut the jobs from across the three shifts.

One thing that investors will want to note is that these layoffs have nothing to do with the ongoing United Auto Workers (UAW) strike. However, Ford did introduce 500 new layoffs connected to these strikes on Monday.

More Ford Layoffs are Coming

Investors will also note that Ford may announce more layoffs in the weeks to come. The ongoing strikes have the company warning that as many as 4,600 layoffs could happen this week. That’s on top of the almost 2,500 workers laid off already as a result of the strike.

Ford said the following about its recent layoffs in a statement to The Detroit News.

“Our production system is highly interconnected, which means the UAW’s targeted strike strategy has knock-on effects for facilities that are not directly targeted for a work stoppage. In this case, the strike at Kentucky Truck Plant has directly impacted some operations at Sterling Axle Plant.”

F stock is down close to 1% as of Thursday morning.

Investors on the lookout for more of the most recent stock market stories will want to stick around!

We’re offering insight into all of the biggest stock market happenings on Thursday! A few examples include what’s happening with shares of Tesla (NASDAQ:TSLA), Spectral AI (NASDAQ:MDAI) and Mullen Automotive (NASDAQ:MULN) stock. You can catch up on all of this news down below!

More Stock Market News for Thursday

• Is It Too Late for the Cybertruck to Save Tesla (TSLA) Stock?
• Why Is Spectral AI (MDAI) Stock Up 61% Today?
• Mullen Automotive Wants to Reverse Split MULN Stock. Again.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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