Auto giant Ford to axe 3,200 jobs

US auto giant Ford is planning to axe 3,200 jobs in Germany, union adding that it was extremely concerned about the future of the company's sites in Europe's top economy.

The news came amid fears in the EU that companies could shift their operations to the United States because of the recently passed landmark Inflation Reduction Act that offers tax cuts for US-made electric cars and batteries.

According to AFP, the cuts will be mainly in Cologne, where Ford has a major plant, but all sites across Germany are threatened.

Ford's German workers can continue to develop successful electric models for Europe if given the chance, the union said.

But the US company risks "taking the axe to its own future" with the planned cuts, urging the carmaker to reconsider the move.