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Ford Announes Job Cuts In Europe

Published September 26, 2012 at 3:00 AM CDT

STEVE INSKEEP, HOST:

NPR's business news business with some bad news for automakers.

Ford is cutting jobs in Europe. Sales in the European Union are down 12 percent this year; that's what a financial crisis will do for you. Bloomberg reports a few hundred workers, mostly in Germany and the United Kingdom, will be getting the axe. And the pioneering electric car maker Tesla Motors has announced that it is selling five million shares to raise much needed cash.

The Silicon Valley-based company is experiencing cash flow problems caused in part by production delays. Transcript provided by NPR, Copyright NPR.