John Deere says recent layoffs of both its salaried and production workforce are due to the lower net farm income, higher interest rates and market volatility.
Reed says Deere expects equipment sales to be down 20% in 2024, due to economic pressures on the farm.
Deere is addressing cost concerns by reducing the prices of some new technologies, like the See & Spray retrofit kit.
John Deere is investing in automation to improve manufacturing efficiency and reliability.
Reed emphasized that the job cuts are unrelated to the 2021 strike by production workers.
He also stressed that Deere’s decision to move its cab production to Mexico is separate, saying Deere’s production site in Mexico has been in operation for nearly 70 years,
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