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(Sharecast News) - US auto titan Ford has announced plans to increase the number of job cuts across Europe by 1,000, scaling back the workforce at its Cologne factory amid a slowdown in demand across the EV market.
Ford, which had last year reported that 4,000 jobs would be terminated across the UK and Germany by 2027, said on Tuesday that further roles would be lost as streamlines EV production in Cologne to a single shift as of January next year.
The company blamed the lower-than-projected adoption of EVs across Europe on a lack of incentives for consumers, inadequate charging infrastructure and evolving CO2 regulations.
"In Europe, demand for electric passenger vehicles continues to be significantly below industry projections. As a result, Ford will adjust production at the Cologne plant to a single shift operation beginning in January 2026," Ford said in a statement.
"Ford is continuously evaluating its production volumes and making adjustments to its manufacturing schedule based on market demand," the company said.
The manufacturer had projected in 2023 that EVs would make up 35% of new vehicle sales, but that share is only expected to reach 20% by the end of this year.
Ford's stock was trading flat in pre-market deals on Tuesday.
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