Ford offering voluntary buyouts

Ford was one of several automakers to sell 40-50% electric vehicles by 2030

Ford Motor Co. is offering some of its U.S. workers voluntary early buyouts as the company works to transform is operations to meet its electric vehicle production goals.

A spokesperson for the Dearborn, Mich.-based automaker told FOX Business that Ford hopes the buyout offers will result in the reduction of 1,000 positions.

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F FORD MOTOR CO. 13.55 +0.15 +1.12%

US AUTOMAKERS PLEDGE TO SELL 40%-50% ELECTRIC VEHICLES BY 2030, WITH A CATCH

"We are reshaping our workforce to match the critical skills and positions needed to continue to transform our business," the spokesperson said in an email confirming the voluntary separation program. "Staffing adjustments, including hiring and separations, are part of a multiyear process to align talent with our cycle and service."

Ford voluntary payouts

A Ford employee works an assembly line.  (Ford)

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Ford plans to spend more producing electric vehicles than combustion engine vehicles in 2023, and has pledged to have electric vehicles account for 40% to 50% of its U.S. sales by 2030.

It was one of several automakers to make that pledge ahead of a meeting with President Biden Thursday. Biden signed a non-binding executive order promoting the goal, calling it an electric "vision of the future."

"Battery electric, plug-in, hybrid electric, fuel cell electric – it’s electric, and there’s no turning back," Biden said. "The question is whether we’ll lead or fall behind in the race for the future."