Ford to slash 10% of workforce in North America and Asia

Tuesday, May 16, 2017, 12:45 AM

Unfinished buildings remain in the site of a called off Ford car factory in Villa de Reyes, near San Luis Potosi, Mexico.

Ford Motor is going to slash its workforce globally by 10% in an effort to right its sliding stock prices.

The staff hits will affect North America and Asia, a Ford source told Reuters on Monday.

The company will offer early retirement incentives to workers in the hope that can reduce its headcount by Oct. 1.

But Ford doesn’t plan on cutting its hourly workforce or its production staff, the source said.

The shake up is part of a plan announced earlier to slash costs by $3 billion, Reuters said.

Ford had about 30,000 salaried workers in the U.S.

Ford declined to comment on any job cuts but said it remains focused on its core strategies to “drive profitable growth.”

The Ford Motor Co. logo is seen on the front of a new 2012 Ford Focus. Ford had about 30,000 salaried workers in the U.S.

President Trump on the campaign trail routinely criticized the auto industry for building plants in Mexico and making cars and car parts there instead of the U.S.

In January, Ford scrapped plans to build a $1.6 billion car factory in Mexico and instead added 700 jobs in Michigan.

In March, Ford said it would invest $1.2 billion in three Michigan facilities and create 130 jobs.

The projects were all things in the works before Trump’s presidency and had been negotiated with the United Auto Workers union.

But that didn’t stop Trump from pouncing on the news.

“Major investment to be made in three Michigan plants,” Trump posted on Twitter. “Car companies coming back to U.S. JOBS! JOBS! JOBS!”