Motor company Ford is laying off nearly 3,000 employees across its offices in the US, Canada and India. According to sources, the company’s chairman, Bill Ford, and CEO, Jim Farley, sent out a memo to that effect on Monday.

The Wall Street Journal claims that the affected workers would know their fate during the week. About 1,000 of the affected workers are contract staff while the other 2,000 are salaried employees.

“Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century,” the memo reads in part. “It requires focus, clarity and speed. And, as we have discussed in recent months, it means redeploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors.”

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In related news, electronics maker Xiaomi is allegedly moving to reduce its workforce by 3%. As Techpoint Africa reports, the layoff is estimated to affect 900 employees.

Xiaomi’s reason is tied to the harsh financial climate that has seen many other tech firms take rather drastic actions like pausing hiring, downsizing and more.

As Mashable quoted, Wang Xiang, president of Xiaomi smartphone arm, said that the company is facing a 20% drop in its revenue for Q2 2022.

Likely, most of its affected workers would be those in China, India, and Indonesia, where its workforce is concentrated.

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