Ford to cut one third of their entire workforce

US based automaker Ford has said in a statement that they plan to save around $5 billion in costs as they would now cut their workforce by one third.

The company also warned that they do not expect the US division to make any profits for the coming three financial years.

Ford also confirmed that they are currently not aiming for selling off the Jaguar luxury auto brand. This decision has disappointed investors who were hoping that the company would concentrate on their primary brands.

All these news updates resulted in a 15 percent in the company’s share price at the stock market.

Ford has also suspended its dividend and is planning to massively revamp their vehicle lineup to attract more customers.

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