The job cuts at Ford will be in the production of gasoline-powered cars and comes amid its push into EVs. They account for about 4% of Ford's global workforce.
To me this highlights the cliff that auto sales are going off. There are still major backlogs for some models and inventory rebuilding that needs to be done but orders are falling dramatically. I would have thought automakers would wait longer to cut jobs and we'll see exactly where these are but it's an ominous sign for industrial jobs as a whole.
Meanwhile, the F150 Lightning continues to look like a winner. Deliveries started in May but the wait list is three years long and they're not taking any more reservations.
