Bloomberg: Ford plans to cut hundreds of employees in the US

According to Bloomberg, American auto giant Ford Motor Co. plans to cut hundreds of employees in the US this week to boost profits and cut costs as part of plans to expand electric vehicle production.

According to the filings, "Ford Motor Co. plans to lay off hundreds of employees, mostly engineers, in the US this week to boost profits and cut costs as it transitions to electric vehicles."

The agency also points out that according to a company spokesman (not quoted directly), the automaker is cutting engineers across all three sectors of its business: electric vehicles, conventional combustion engine models and commercial vehicles.

In February, the company announced plans to lay off 2,800 employees in the engineering division by 2025, due to the transition to all-electric powertrains and the simplification of vehicle design.

The Ford Company was founded by Henry Ford in 1903 when he received $28,000 from five investors to grow his business. It became known as the world's first company to introduce a classic automotive assembly line. Currently, the company's staff is about 174 thousand people around the world.