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11 GENNAIO 2019

18:32 - Stati Uniti

FORD, JAGUAR SLASH THOUSANDS OF JOBS ACROSS EUROPE

(ICE) - ROMA, 11 GEN - Source: Reuters Author: Edward Taylor and Costas Pitas Date: Jan 10, 2019 FRANKFURT - Ford and Jaguar Land Rover unveiled sweeping job cuts across Europe on Thursday as carmakers struggle with a slump in demand for diesel vehicles, tougher emissions rules and a global economic slowdown led by China. "We are taking decisive action to transform the Ford business in Europe," Steven Armstrong, group vice president, Europe, Middle East and Africa, said in a statement on Thursday. Ford Europe, which employs 53,000 people, has been losing money for years and pressure to restructure its operations has increased since arch-rival General Motors raised profits by selling its European Opel and Vauxhall brands to France's Peugeot SAC. JLR said demand in China, once one of its strongest countries, fell by 21.6 percent in 2018, the biggest drop of any of its markets. "We believe Ford Europe could require as much as a 20 to 30 percent reduction of capacity and headcount," Morgan Stanley analyst Adam Jonas said in a note on Thursday. "We want to be a net contributor of capital and not a net detractor," Armstrong told journalists on a later call, referring to Europe's financial contribution to U.S. parent Ford Motor. Ford Europe reported a 245 million euro loss before interest and taxes in the third quarter, equivalent to a negative 3.3 percent EBIT margin. A Ford spokesman said the carmaker currently assumes that any Brexit deal would keep tariff-free trade between Britain and Europe. https://www.reuters.com/article/us-ford-europe-turnaround/ford-jaguar-slash-thousands-of-jobs-across-europe-idUSKCN1P411J (ICE CHICAGO)

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