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Ford intends to cut 12,000 jobs in Europe by the end of 2020 as part of a broader plan to reduce costs, reports Reuters.
The big picture per Axios' Joann Muller: Brexit and stiff new emissions rules set to take effect in the near term have made the European auto market difficult for carmakers. Ford's cuts are long overdue, but a new alliance with Volkswagen will allow the company to focus on its strengths: SUVs and commercial vehicles.
The backdrop: Ford also announced plans to cut 7,000 salaried, white-collar jobs in the U.S. in May, reports the Washington Post. The auto company hopes to cut operating costs by $25.5 billion over the next few years while also working on an $11 billion redesign, per the Post.