The transition to electric vehicles in Europe is continuing to lose traction with the news that Ford will look to eliminate another 4,000 positions in the region. The reductions will amount to about 14% of Ford Europe’s workforce and will impact operations in Germany and the UK by the end of 2027. Labor leaders at Volkswagen, meanwhile, offered €1.5 billion ($1.6 billion) in additional cuts ahead of negotiations with management on potential savings to steady the beleaguered carmaker. VW is pushing for unprecedented cuts amid a slump in demand for EVs, higher operation costs and increasing competition for Chinese manufacturers. Proposals have included lowering shareholder dividends and suspending portions of bonuses for workers, executives and board members. They’re not the only EV maker in Europe feeling the pain. A clear policy agenda to advance e-mobility is lacking in Germany and Europe, Ford’s vice chairman and chief financial officer said.
Ukraine’s armed forces fired British cruise missiles at military targets inside Russia for the first time as the 1,000-day conflict enters a new phase. The UK approved the use of Storm Shadow missiles in response to Russia deploying North Korean troops in its war against Ukraine, a move the British government considered to be an escalation. Russia said it’s prepared to discuss a potential cease-fire in Ukraine with President-elect Donald Trump, even as the conflict intensifies on all fronts. However, the comments by President Vladimir Putin’s spokesman were met with immediate skepticism from Western officials.