Report: Ford Europe to cut thousands of jobs as automaker restructures

(William Walker/CNN)

DETROIT – Thousands of jobs within Ford Motor Company's European operations will be cut as the automaker restructures, reports Bloomberg

From Bloomberg:

The manufacturer -- employing some 54,000 workers across the region mainly in Germany, the U.K. and Spain -- plans to cull less profitable models from its lineup and review its joint venture in Russia. In the U.S., it’s already dropping several sedans.

Ford announced in April it was making cuts to its car lineup as part of a plan to trim $11.5 billion off of its operating costs. Chief Financial Officer Bob Shanks said the company will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion.

The company will spend less on low-performing areas such as small cars and most Lincoln vehicles, although Shanks said Lincoln sales are growing and the brand is not in jeopardy. More capital will be allocated to higher performing areas such as trucks and sport utilities, he said.

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