The plans also include selling plants in Russia, France, Wales and Slovakia by the end of 2020, reducing the number of Ford factories in Europe from 24 to 18, and reducing shifts at assemblies in Saarlouis, Germany, and Valencia, Spain.
As part of the reorganisation, the U.S. car-maker has announced it will reduce the number of manufacturing facilities from 24 to 18 by 2020.
"Ford will be a more targeted business in Europe, consistent with the company's global redesign, generating higher returns through our focus on customer needs and a lean structure", said Ford Europe President Stuart Rowley in a statement.
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"Ford intends to grow its leadership as the top-selling CV (commercial vehicle) brand in Europe, including leading the pickup segment, and to double its CV profitability in Europe in the next five years". Ford and VW are negotiating similar agreements covering both autonomous and electrified vehicles, and could announce those deals in a matter of weeks, according to inside company sources. "We are moving forward and focused on building a long-term sustainable future for our business in Europe". Ford lost US$398 million in Europe past year, before interest and taxes. Hans Schep will lead the Commercial Vehicles group while Roelant de Waard will lead the Passenger Vehicles group.
Meanwhile, in Russian Federation, two assembly plants and an engine plant will close.
Over the following years, says Ford, three new vehicle nameplates will be launched on the local market, including "the all-new Mustang-inspired fully electric performance utility".
Rowley added that the cost cutting would allow the company to invest in its commercial vehicle business, as well as target more electrified vehicles and SUVs.
"Where a product line either does not contribute to our cash flow or is adverse to our Carbon dioxide compliance, we will consider actions", Rowley said. With sales in the U.S., Latin America and China in a slump and European demand stagnant, at best, the auto industry is facing a "profit desert", warned Mark Wakefield, head of the firm's automotive practice, and must take steps to address that. The company has set a longer-term goal for a 6% EBIT (earnings before interest and taxes) margin for its European business. I originally implied that this would be true globally.