Analysts are saying that Ford Motor Company (F) will have to cut another 23,000 jobs in order to save money and achieve profit goals. This comes after the American automaker announced on Monday that it would cut 10%, or 7,000 jobs, of its global white-collar workforce in order to save $600 million a year.

Market analyst John Gabrielsen said Ford's cuts would not go far enough.

"No one who analyzes the Ford situation believes that 7,000 job cuts remotely scratches the surface of what will be required for Ford's long-term longevity," he said.

Gabrielsen added that Adam Jonas, a respected business analyst, believes "Ford will need to cut an additional 23,000 salaried workers through 2022, for a total of 30,000 since late 2018."

Gabrielsen also stated that 23,000 more job cuts are a conservative estimate, as he claims the automobile industry is making a "cyclical downturn." He also added that "Ford is a rapidly declining presence in the global market. Over the last 10 years, Ford has lost a quarter of its total market share – from 7.9 percent to 5.9 percent."

Ford isn't the only U.S. automaker undergoing restructuring. General Motors (GM) announced in March it was shutting down its plant in Lordstown, Ohio, with the company cutting 1,700 hourly paid jobs.

In addition to corporate restructuring, Ford is trying to catch up to the technological advancements of its competition, which have adopted battery-powered vehicles and are developing self-driving cars.

In January, CNN reported that Ford was going to team up with German carmaker Volkswagen to develop "cars for the future" which could utilize these new technologies.

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