Report: Ford to cut workforce by 10 percent

DETROIT (WOOD/AP) — Ford Motor Co. is expected to cut its global workforce by about 10 percent, The Wall Street Journal is reporting.

Citing “people briefed on the plan,” The Journal says the idea is to improve Ford’s profits and stock price amid a $3 billion cost-cutting effort. Most of the job cuts should affect salaried employees, the Journal reports — perhaps some 20,000 people.

In March, Ford said it would invest $1.2 billion in three Michigan plants, adding more than 130 jobs. It’s not yet known how the cuts will affect that plan or other hourly positions at plants around the world.

Ford didn’t confirm the report Monday night.

In a statement, the company said it’s focused on reducing costs and improving efficiency. But Ford said it hasn’t announced any job cuts and won’t comment on speculation.

Investors are concerned that U.S. sales are peaking and Ford’s market share is slipping.

Ford’s shares have lost more than a third of their value since Mark Fields became CEO in 2014. Electric car maker Tesla Inc. recently surpassed Ford in market value even though it sells far fewer vehicles.

The Journal says further details could come down as early as this week.