Another company is now planning to cut jobs, Ford. The company is reportedly planning to cut nearly 8000 jobs over the coming weeks to fund its plans to build EVs. If it wasn’t already for the upcoming economic downturn, the layoffs will occur at their Ford Blue unit, recently created to develop vehicles with internal combustion engines, and will affect other salaried positions in the company.

The bulk of cuts is expected to occur only in the US right now. On March 4th, CEO Jim Farley restructured the company, dividing it into the Ford Blue and Model E divisions, with the latter dedicated to electric cars and pickups like the Mach-E F150 Lightning. And as part of that, he also announced that the company was cutting nearly $3 billion in costs by 2026. The CEO aims to transform Ford blue into the profit and cash engine for the entire company.

According to CEO Mark Truby in a statement to Bloomberg, “As part of this, we have laid out clear targets to lower our cost structure to ensure we are lean and fully competitive with the best in the industry,”