Report: Ford plans big job cuts

Detroit (CBS/AP) -- Ford Motor Co. is planning substantial job cuts to boost profits and raise its stock price, according to the Wall Street Journal.

The newspaper reported the cuts would target salaried employees and reduce Ford's global headcount by 10 percent. Ford currently has 200,000 employees across the globe, half work in North America.

Ford did not confirm the report to news agencies Monday evening.

The company issued a statement saying it is focused on reducing costs and improving efficiency, but said it has not announced any job cuts and won't comment on speculation.

The Journal says, "Deep job cuts in the U.S. could trigger a political backlash at the White House, as President Donald Trump has repeatedly pointed to auto makers like Ford as examples of companies adding U.S. jobs."

Investors expressed concern that US sales are peaking and Ford's market share is slipping. "Ford has said it expects its profits to fall in 2017 and has flagged slowing sales in the U.S. and China-two of the world's largest auto markets," the Journal notes.

Ford's shares lost more than a third of their value since Mark Fields was named CEO in 2014. Electric car maker Tesla Inc. surpassed Ford in market value, CBS News reports.