Carmaker launches voluntary redundancy programme, saying rising regulatory costs are among reasons for savings drive

This article is more than 4 years old

This article is more than 4 years old

Carmaker Ford is to cut jobs across its European operations under plans to save $200m (£138m) a year.

The group said on Wednesday it was launching a voluntary redundancy programme as it looks to slash costs across all areas of its European business. The move comes amid mounting regulatory costs, the company said.

Ford Europe returned to profit in 2015 for the first time in four years. But bosses announced aims to step up an overhaul of the carmaker and unveiled a revamped lineup of cars.

Jim Farley, the head of the European business, said: “We are creating a far more lean and efficient business that can deliver healthy returns and earn future investment.

“Our job is to make our vehicles as efficiently as possible, spending every dollar in a way that serves customers’ needs and desires, and creating a truly sustainable, customer-focused business.”