Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Photo: Justin Sullivan/Getty Images
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.
Go deeper: Volkswagen and Ford on cusp of new autonomous vehicle deal