Ford confirms job cuts to pay for EV transition: WSJ

Ford Motor Co. F, -4.57% has confirmed layoffs affecting about 3,000 jobs mostly in the U.S. and Canada, and has started to notify workers through internal e-mail, The Wall Street Journal reported Monday. The auto maker said the cuts are effective Sept. 1. Ford reportedly had been planning layoffs over the summer in connection with its pivot to electric vehicles and the restructuring it announced in March. Shares of Ford dropped more than 5% in midmorning trading and are down 28% so far this year, compared with losses of about 13% for the S&P 500 index. SPX, -1.68%