Ford said to be gearing up for 10% cut in global workforce

US automaker Ford Motor is reportedly set to trim its workforce by around 10% as the company attempts to increase profits and boost its share price.

According to the Wall Street Journal, the job cuts are part of a plan to reduce spending by up to $3bn during 2017.

While the Detroit firm did not specifically allude to job cuts in its statement, it did say that it would be taking measures in order to increase profitability.

Ford currently employs around 200,000 people globally, with 20,000 of those said to be facing layoffs or set to be offered early retirement packages.

Ford currently employs around 200,000 people globally

In a statement, Ford said it was looking at ways to “drive profitable growth”.

"Reducing costs and becoming as lean and efficient as possible also remain part of that work," Ford said. "We have not announced any new people efficiency actions, nor do we comment on speculation."

Ford’s share price has been sliding since Mark Fields took over as chief executive in 2014.

US President Donald Trump criticised Ford earlier this year for its plans to build a new factory in Mexico, before cancelling the project in favour of upgrading three plants in Michigan at a cost of $1.2bn.