Ford has rebuffed recent reports of job and model cuts throughout Europe.
The latest salvo is in response to a Morgan Stanley report which estimates 12 percent, or 24,000 employees, of its workforce, would be laid off. Of these employees, a large percentage are based in Germany and Spain. In turn, Ford has called it “pure speculation.”
“The number of job losses quoted by a number of media is pure speculation and we would not comment on that,” read a recent statement. “As we said in our second quarter earnings [statement] in July, our Europe business requires a major redesign to deliver our longer-term target of 6% EBIT margin.”
Other rumors have placed the Mondeo, Galaxy, and S-Max on the choking block to focus more on SUVs, which have increased in demand.
In early April 2018, Ford reported cost-cutting to the tune of $11.5 billion through 2021 across different divisions, as well as announcing it would only build the Mustang and a new Focus Active crossover as part of its sedan lineup moving forward.
CFO Robert Shanks also mentioned the possibility of selling off its European and South American operations in a word to the New York Times, although nothing has yet to be finalized.