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What’s going on:Â Â
Today Ford announced that it would be slashing 3,800 jobs in Europe in order to make its operations more efficient amid economic struggles and the rising rivalry in electric cars. Germany will lose 2,300 posts, Britain 1,300, and the remaining 200 will be spread across other European nations. Â
The carmaker’s plan to introduce an all-electric lineup in Europe by 2035 remains intact and their first electric car made in Europe will begin production later this year.Â
Why it matters:Â Â
In August, Ford said it would be cutting 3,000 white-collar jobs in North America as part of their transformation to a battery-powered vehicle-based company. Â
To aid in this process, they announced Thursday that they would be constructing a $3.5 billion plant in Michigan to manufacture lower-cost batteries, employing at least 2,500 people.Â
How it’ll impact the future:Â Â
While workers are being laid off in this industry, workers are also being hired to help make electric vehicles; the transition just might be a little bumpy for the next few years.Â
As the global auto industry undergoes a radical shift away from combustion engines to electric vehicles, job cuts are going to stay constant. Â
Governments are striving to minimize emissions that have a negative effect on the climate, and this has created a highly competitive environment amongst carmakers to bring electric vehicles to market.Â
