Ford likely to cut its Asian and N American workforce by 10%

Ford has 200,000 employees globally, half of which work in North America. Forecasts for 2017 predict that Ford will finish the year in a similar position to last year, when the automaker reported its second-best pre-tax profits in the company's history.

Ford is planning to cut around 10% of its jobs worldwide in a bid to increase profits and boost its stock price, which is close to a five-year low, CNBC reports that the job cuts will involve mainly salaried workers in North America and Asia, according to sources.

Gilbert said the cuts are expected to come in areas other that IT and manufacturing. The cuts are said to largely target salaried employees. Fields was grilled by his board last week and impugned by investors eager for a turnaround in Ford's declining earnings and shares.

Ford's stock price has fallen almost 40 percent over the last three years as investors worry that USA sales are peaking.

About two-thirds of the job reduction will occur in North America.

About 600 Ford Motor Co. of Canada Ltd. salaried employees are eligible for the voluntary package, Ford spokesman Mike Moran said from the company's headquarters in Dearborn, Mich.

A Brazilian worker assembles a Ford auto on an assembly line at Sao Bernardo do Campo Ford plant, near Sao Paulo, August 13, 2013.

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General Motors and Fiat Chrysler have cut hourly jobs since the end of past year, as the first decline in USA auto sales since 2009 has resulted in excess inventories of new cars on dealer lots.

The automaker even committed to ditching plans to build a factory in Mexico that had been under construction after the president criticized it, and instead announced it would add 700 jobs in MI.

It added: "Reducing costs and becoming as lean and efficient as possible also remain part of that work".

But investors are clearly anxious that sales in the U.S., Ford's biggest market, are peaking. Electric vehicle maker Tesla Inc. surpassed Ford in market value, CBS News reports. If you would like to discuss another topic, look for a relevant article.

Ford didn't confirm the report Monday night.

Ford's profits sank 35% during the first quarter to $1.6 billion as higher costs for warranties, recalls and materials eroded profits. It previously forecast re-tax earnings of $9 billion, down from $10.4 billion for all of past year.

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