Ford Motor Co. F 0.18% is planning substantial cuts to its global workforce amid Chief Executive Officer Mark Fields drive to boost profits and address the auto maker’s sliding stock price, according to people briefed on the plan. The move comes as Ford targets $3 billion in cost cuts for 2017, a plan aimed at improving profitability in 2018 even as U.S. auto sales

plateau. Ford’s share price has suffered during Mr. Fields’s three-year tenure, and the company’s market value has slipped far behindTesla Inc. TSLA -2.75% and General Motors Co. The job cuts, expected to be outlined as early as this week, largely target salaried employees and aim to reduce the global head count by an equivalent of about 10%, these people said. It is unclear if the plan includes cuts to the hourly workforce at Ford’s U.S. factories and plants that are abroad. READ MORE