Ford plans to lay off 8,000 workers to fund electric vehicle push: report

Ford Motor Co. reportedly plans on laying off up to 8,000 people in the next few weeks to boost profits and move into the electric-vehicle market. 

Staff will be laid off from salaried positions including from the newly-created Ford Blue unit, which produces internal combustion engine vehicles, sources told Bloomberg News.

If the reports are true, Ford could be cutting about 25% of its roughly 31,000 salaried employees.

Ford Chief Executive Officer Jim Farley plans on cutting $3 billion in costs by 2026, and the layoffs may be a significant part of his plan. The company's goal is to produce two million electric vehicles by that year.

The vehicle company would not comment to Bloomberg about the rumored job layoffs, but said that it is focused on making changes to capitalize on electric vehicles.

"As part of this, we have laid out clear targets to lower our cost structure to ensure we are lean and fully competitive with the best in the industry," Chief Communications Officer Mark Truby stated.

The rumors of cuts come after Ford announced plans last fall to open new electric vehicle plants in Tennessee and Kentucky, bringing nearly 11,000 jobs to the states.