Ford Motor Co. plans to cut thousands of jobs in Europe to redesign its business in the region.

Axar.az reports citing foreign media that the carmaker did not give a target number for the amount of workers it expects to cut in Europe.

Ford currently employs nearly 54,000 people in Europe, mainly in Germany, Great Britain, and Spain.

The company plans to quit the minivan segment, stop production of automatic transmissions in Bordeaux, the complete revision of its business in Russia and merge the headquarters of the British division and financial business Ford Credit.

According to Steven Armstrong, Ford’s head of Europe, the company eyes all options including plant closure. Ford is targeting a 6 percent earnings margin over the long term in Europe. Meanwhile, Ford lost $245 mln in the region in the third quarter of 2018.