The switch to electric vehicles means a change in jobs for car companies

James Farley says change is coming.

the ford (F) – Get Ford Motor Company report The CEO acknowledged on the automaker’s second-quarter earnings call that “we have absolutely too many people in some places, there’s no question about that.”

Ford recently reported higher-than-expected earnings in its latest quarter. At the same time, it is preparing to lay off 8,000 employees, or nearly a quarter of its American workforce, in order to reduce its operating costs by $3 billion by 2026, according to Bloomberg News.

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