© Reuters. Ford (F) aims to reduce costs in China in attempt to boost business
Ford (NYSE:) announced Monday that the American automaker is working to reduce costs in China as it strives to recover from a long sales slump in the world’s largest auto market.
“Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a representative of Ford China said in a statement.
“We can only win through a lean and agile organization. These actions are necessary for us to build a healthier and more sustainable business in China,” the company added.
The company did not comment on how it would cut costs. However, local Chinese media reported last week, citing unnamed sources, that the company planned to cut 1,300 jobs in China.
Ford will also restructure its China operations to turn one of its joint ventures into an export hub for low-cost commercial electric and combustion vehicles, chief executive Jim Farley said in April.
Shares of F are up 0.43% in pre-market trading on Monday.
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