Ford Motor Company employees 2018-2023
In 2023, around 177,000 people were employed by the Ford Motor Company and entities. Net income grew from a loss of around 2.15 billion in 2022 to a profit of around 17.9 billion in 2023. The fiscal year end of the company is December, 31st.
Restructuring to save costs
Ford says it needs to restructure if it wants to become more profitable, and restructuring will probably mean job cuts, visible in 2020 to 2022. In 2018, the automaker’s profits in North America took a hit due to higher warranty costs, but it is the divisions in China and Europe that were at the core of Ford’s lower than expected performance. Ford’s European sales dipped below the million unit mark in 2018, and auto shoppers in China were not attracted to Ford’s model lineup, but preferred Volkswagen’s Lavida and SAIC-GM-Wuling’s Hongguang. Restructuring continued through 2023 as the company focuses more of its operations on electrification and tech. Battery powered and driverless vehicles are gaining a deeper market penetration in the worlds largest auto markets.
New models to save the day
In 2021, Ford launched four new models on the market. The Ford Equator and Evos, built in joint-venture with national manufacturers, debuted on the Chinese market that year, while the Ford Maverick went on sale in late 2021 for deliveries in 2022. The brand is also taking steps to assert itself in the growing electric vehicle market. With investments of some 8.2 billion U.S. dollars in engineering, research, and development, the automaker is committed to its electric transition, and has started the delivery of its e-Transit electric vans to customers. However, Ford will have to contend with plug-in electric vehicle market leader Tesla, as well as with the rapid growth of Chinese brands like BYD and SAIC.
