Ford Europe to cut jobs in the thousands in turnaround plan

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Mr Armstrong said any Ford layoffs and plant closures would be subject to negotiations with labour representatives, and such plans did not account for the possibility of a "hard" exit by Britain from the European Union. The company says it will cut 4,500 jobs as it deals with the China downturn and growing uncertainty about the terms of Brexit. How many exactly are affected, leaving the Ford open. Similar to America, Ford will swing to a lineup of crossovers and SUVs, and drop several derivatives to streamline its offering, Armstrong said.

But Ford Europe boss Steven Armstrong said should the United Kingdom leave the European Union without a negotiated deal, a further review of United Kingdom operations would take place.

Vehicle giant Jaguar Land Rover is to cut 4,500 jobs under plans to make £2.5 billion of cost savings, the company has announced.

Ford intends to end production of small automatic transmissions in Bordeaux, France as well as production of Grand C-Max and C-Max in Germany, Saarlouis due to declining demand for compact multi-purpose vehicles in Europe.

Stanley Morgan analyst Adam Jonas added in a note that, "We believe Ford Europe could require as much as a 20 to 30 percent reduction of capacity and headcount".

Ford has crafted a turnaround plan for its European operations.

"That is JLR's biggest market, but vehicle buyers there are reluctant to make expensive purchases as the economy is growing at its slowest rate for a decade and the country is locked in a trade war with the U.S.", Stadler said.

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Automakers worldwide are facing drops in sales in China, the world's biggest auto market, and stagnation in Europe after years of increase.

Ford's transformation push comes at a time when the automotive sector is undergoing major changes as a result of the development of new technologies - accelerated by disenchantment over diesel engines.

Ford will seek to reduce European staff through voluntary measures as far as possible, the Dearborn, Michigan-based manufacturer said in a statement.

"If Brexit went in the wrong direction we would need to take another look to mitigate the impact of that - we will take whatever action is needed".

CEO Jim Hackett, who is under pressure from financial markets, hopes the initiatives will enable Ford to nearly double its operating margin to eight per cent by 2020, compared to 4.4 per cent in the third quarter of 2018.

For the final business group which covers imported vehicles, Ford said this would cover a "niche portfolio of imported iconic nameplates for Europe" and would include Mustang, Edge, and another SUV to be revealed in April, along with an all-new Mustang-inspired full-electric performance utility in 2020.

Ford confirmed it will get out of the family vans or MPV segment.

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