Covid seems to be sticking around and not going away anytime soon. JH basically mentioned no layoffs assuming Covid went away after the first wave. Seems layoffs are going to be inevitable. What are your thoughts?
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I think Bill is totally disinterested in the Company after all these years and wants to be seen as the Bill Gates of the automotive industry with his social tinkering.
Look at guys like Caldwell , Peterson , Poling, Trotman, Mulally. All had degrees in business or engineering. Some had served in the military , had leadership ability, presented themselves with confidence and a reasonable level of physical fitness.
What do we have now ? A guy with a degree in general studies who wore his helmet too tight.
2uso+15HWtn0T I share your frustration!
It is distressing to watch the videos
You have a senior exec who must be getting pummeled behind the scenes as his polished veneer is gone replaced with nervousness. His underling is presenting all the information.
You have another senior exec who is clearly out of his depth with financials and his underling must present details. Even so there are glaring holes in the information that is presented.
You have a COO that comes across angry and aggressive towards his staff. His facial expressions and body language are not compatible with the words coming out of his mouth.
You have a CEO that is only talking about everything but how to turn the company around.
Time would be better spent if they all dressed in cheerleading outfits and danced around with pompous for an hour chanting Ford cheers.
Well on one of the other post under FORD LAYOFF somebody mentioned the fact that Ford made money on all of their truck lines back in early 90s and even the fact the Explorer (U150) actually made more money than F-Series with half the volume & assembly plants.
So with this new Bronco with 140k volume that has to be a hit both in sales and execution. The MACH E is another one new segment and lots of hype, but it better equal or be better than competition. We cannot just rely on F-Series for everything (90% corporate profits). Competition is starting to heat up. The one who suffers is the one with the lions share of the market. Look at GM from 1970 to now.
Plus this money on hand is mostly borrowed. and there will come a time to pay that back. WE keep loosing money in places like Europe/China/SA and yet we continue to stay there. Ford has three PD centers in Europe. WHY? We were late with China , Partnered with the #7 automaker in China.
Can anyone tell us how many years Europe has made money the past 20 years or more? What will be funny the cuts will continue and NA will take a brunt again.
What pisses me the hell off is that upper management doesn't seem to give a about it either. Every huddle is talking about BLM and we support g– rights (who the doesn't?), and all this political BS while the company goes down the toilet. How the f— is there not an emergency team working to solve Ford's financials?? It's almost insane how this company actually functions at all sometimes, and I've been here a couple of years. Every other Fortune 500 I've worked in operates 10x better. I'm personally going to be jumping ship soon as with the paycuts, I can get better pay elsewhere.
I’m waiting to see the long term analysis on how the pandemic will impact the auto industry. I believe the number of vehicles purchased will fall dramatically and the sustained level will be millions less than before the pandemic for one simple reason. The dramatic increase in working from home will be the new norm for many. That means no commute time, vehicles not wearing out, fewer accidents, and less overall need for new vehicles. This lower industry level of new vehicles guarantees the industry will shrink resulting in layoffs and more partners to share the investment costs. The long term prospects for the employees are less secure overall. Sad!
It's a matter of when, not if. It's likely neither big Jim or little Bill want negative headlines in the middle of this mess, so they will hold out as long as possible. But the handwriting in on the wall. Yes, $26B in cash but $13B in short term debt (not to mention long term debt on the balance sheet which also comes due in portions each year) and if they had negative cash flow of $2.2B in Q1, I'd have to say it's going at least negative $6B in Q2. The financial position will be improved slightly by some of the new products but it won't be enough and so the cost structure is coming down. If it does not come down, it will be even more expensive for Ford Credit to secure capital to make the loans needed at the retail level and that would be an absolute house of cards.
Spot on....ford is heavy loaded on salaried employees....i have seen it first hand how much inefficiency is built in....time to cut the fat...no mercy
Bizarro world indeed. I don’t see how layoffs will be avoided.
The Ford promise campaign is an attempt to convince people to buy vehicles now and generate revenue. Customers who read the fine print will keep their wallets shut if they do not need a new vehicle. Most new vehicle purchases are wants not needs.
Since every other vehicle manufacture has or will have similar program, in the end Ford will need to put stacks of cash on hoods to move inventory. Less profit, more cash burn.
Layoffs will have to be done. We have 175,000 employees, GM has 164,000 and produces more vehicles and greater revenue. GM sold over 7.7 million vehicles last year, Ford less than 6 million. Do the math, programs, projects and people will be cut.
in a conventional world yes. In Bizarro World which we've been operating for the last several years there is no way to know. There is nothing that we've done that makes any sense in any business plan for over three years. so to reduce the size of the workforce when we have a fraction of the income coming in, and several risky launches coming up. Who knows?
Layoffs are unavoidable. The path we are on is unsustainable. We lost almost $2 BILLION in Q1, before the virus. We will lose $5 BILLION in Q2. The virus will still be with us in Q3. The longer the delay, the deeper the cuts will have to be. We generate revenue in only two areas: Ford Credit and the F150. The usual losses won't be able to be buried into Credit residual values, so that business is exposed. The truck wars are creating more competition than ever before. We are going to need to cut everything else, including R&D, Smart Mobility, and much, much more.