Ford Motor Co. expects to take up restructuring charges between $1.5 billion and $2 billion in 2023, it said in a regulatory filing on Wednesday, as part of the U.S. automaker’s move to exit unprofitable locations and cut headcount.
The charges will be primarily attributable to “employee separations and supplier settlements,” the automaker said, adding additional restructuring actions may be taken “where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses.”
