Ford Motor Co. says it will reduce its workforce by 4,000 in Europe and the U.K. by the end of 2027, citing headwinds from the economy and pressure from increased competition and weaker-than-expected sales of electric cars.

Ford has announced plans to reduce its workforce in Europe by around 4,000 employees, 2,900 of them at the German plant in Cologne. The car manufacturer hopes to increase its competitiveness in this way.