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In a bid to overcome significant losses in its EV business, Ford has implemented various cost-cutting measures. Recently, the company achieved a major breakthrough by securing a long-term lithium agreement, potentially saving the company. This development is crucial for Ford, as it ensures access to low and stable lithium prices, benefiting their electric vehicle production moving forward. Ford's CEO, Jim Farley, has stressed the significance of cost-cutting measures and the changing labor requirements due to the shift towards electric vehicles. As EV production requires less labor-intensive tasks, Ford is streamlining its operations and workforce to adapt to the evolving automotive industry landscape.