In 2020, around 183,000 people were employed by the Ford Motor Company and entities. Net income grew from a loss of around 1.3 billion in 2020 to a profit of around 17.9 million in 2021.
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 the last three years recorded. 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 are 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 in 2020 and 2021 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 7.6 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.
Number of Ford employees from FY 2018 to FY 2021
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Ford. (February 8, 2022). Number of Ford employees from FY 2018 to FY 2021 (in 1,000s) [Graph]. In Statista. Retrieved December 07, 2022, from https://www.statista.com/statistics/297324/number-of-ford-employees/
Ford. "Number of Ford employees from FY 2018 to FY 2021 (in 1,000s)." Chart. February 8, 2022. Statista. Accessed December 07, 2022. https://www.statista.com/statistics/297324/number-of-ford-employees/
Ford. (2022). Number of Ford employees from FY 2018 to FY 2021 (in 1,000s). Statista. Statista Inc.. Accessed: December 07, 2022. https://www.statista.com/statistics/297324/number-of-ford-employees/
Ford. "Number of Ford Employees from Fy 2018 to Fy 2021 (in 1,000s)." Statista, Statista Inc., 8 Feb 2022, https://www.statista.com/statistics/297324/number-of-ford-employees/
Ford, Number of Ford employees from FY 2018 to FY 2021 (in 1,000s) Statista, https://www.statista.com/statistics/297324/number-of-ford-employees/ (last visited December 07, 2022)