Ford possibly to cut 12% of its workforce – ax several of its car lines

Amidst declining quarterly earnings and an increasingly competitive automobile market, Ford, has started to explore plans to layoff nearly 12% of its labor force, or upwards of 200,000 jobs. The job cuts would most likely take place in Europe.

Ford is also looking at revamping its focus to SUVs in Europe, cutting current design lines Galaxy, Mondeo, and S-Max.

Moody’s Investors Service on August 29th lowered Ford’s credit rating to just above junk, citing risks associated with a turnaround effort that CEO Jim Hackett has warned could cost $11 billion and take years.