Ford lays off salaried workers worldwide

US automobile manufacturer Ford Motor is cutting 7,000 salaried positions worldwide as a part of the company's restructuring program initiated earlier this year.

The job cuts will eliminate 10pc of Ford's global workforce by August 2019, including 20pc of its management positions. An email sent to Ford employees regarding the downsizing emphasized reducing management layers and increasing direct reports for remaining managers.

The company anticipates saving $600mn annually from this move, which arrived in the middle of Ford's production shift towards more profitable SUVs, light trucks, and EVs that should conclude by 2020.

Two other US automobile companies cut costs via downsizing in 2019. GM revealed rolling layoffs for 15,000 employees back in November 2018, while Tesla announced plans to let go 7pc of its workforce in January.