According to Reuters, this decision is part of CEO Jim Farley's strategy to reduce unnecessary costs for the company. Ford justified the cancellation of bonuses with the desire to create a "high-performance culture" in which employees are rewarded for their real contribution to business development.
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As noted by Reuters, Ford shares have declined by about 23% over the past year. At the same time, shares of rival General Motors rose by the same 23% due to cost cuts and increased profits.
Earlier, we wrote that the Chinese automaker BYD plans to sell from 5 to 6 million vehicles in 2025, which could make it a competitor for General Motors.
