🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Ford plans to cut up to 1,600 jobs at Valencia plant in Spain

Published 06/12/2024, 07:35 AM
Updated 06/12/2024, 07:41 AM
© Reuters. FILE PHOTO: A Ford logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. REUTERS/David Dee Delgado/File Photo
F
-

MADRID (Reuters) -U.S. car maker Ford (NYSE:F) said on Wednesday it plans to cut a further up to 1,600 jobs at its assembly plant in Valencia, Spain, after announcing a reduction of 1,100 staff last year.

The company, which employs about 4,700 workers at the factory, told unions it plans to eliminate 600 jobs permanently, while it is open to negotiate the possible rehiring of the other 1,000 later as it plans to boost output at the plant from 2027, a Ford spokesperson in Spain said.

"A temporary solution could be negotiated for (the other) 1,000 to bridge the time until production of the new vehicle starts," she said.

Ford last month said it would start the production of a new hybrid passenger car at the factory located in Almussafes, in the Valencia region, from 2027 for the European market and elsewhere.

The company aims to produce 300,000 units of the new car annually, the country's Industry Ministry said at the time.

© Reuters. FILE PHOTO: A Ford logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. REUTERS/David Dee Delgado/File Photo

Ford now only assembles its Kuga compact sports utility vehicle at the plant after scrapping other models in recent years.

This is the second job cut plan announced by Ford in two years after the company unveiled a previous round of cuts at the factory in 2023.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.