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Ford reportedly plans to cut around 10 percent of global workforce

A Ford hybrid vehicle on the assembly line in Wayne, Michigan.
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A Ford hybrid vehicle on the assembly line in Wayne, Michigan.

Ford Motor was expected to release plans as early as this week to cut its global headcount by around 10 percent, people briefed on the plan said, the Wall Street Journal reported late Monday.

The cuts were part of Ford's $3 billion target for cost cuts this year in an effort to boost profitability as auto sales stagnate, the report said.

In response to an emailed request for comment, Ford told CNBC, "We have not announced any new people efficiency actions, nor do we comment on speculation."

But the iconic automaker also noted that it was remaining focused on its three strategic priorities: "Fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities."

It added: "Reducing costs and becoming as lean and efficient as possible also remain part of that work."

Read the full WSJ report here.

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