The US car maker said Monday that Frankfurt (Reuters) -Ford will injure 4.4 billion euros (76 4.76 billion) in its struggling German operations as it tries to restore its European business.
Following the first news report of the Financial Times, Ford said its Fordwork would continue to take steps to focus on reducing German arm costs and increasing competitiveness.
“By regaining our German operations, we are supporting the change in our business in Europe and reinforcing our ability to compete with a fresh product portfolio,” said John Luller, Vice Chair of Ford Motor Company.
“We need to build a sustainable business in Europe, we also need to facilitate our rule, reduce costs and reduce utilities.”
New funding commitment includes a capital injection in Ford-Wurke to tackle overbringing and fund a multi-year business project.
Loller also called on European policy makers to set a clear agenda to promote power vehicles and bring out the consumer demand goals.
The European car industry has been forced to closure of plants as China’s strong competition has refused to demand. This sector is also braking for US prices.
Ford is cutting thousands of jobs in Europe, many of them in Germany, where domestic giant Voxhal Vox wagon is also struggling.
($ 1 = 0.9249 euros)
–
