Ford (NYSE:F) layoffs are on the minds of F stock investors as the automaker reduces its workforce 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 all 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 so far by the automaker.
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.
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On the date of publication, William White did not hold (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.
