(Bloomberg) — Ford Motor Co. will look to eliminate another 4,000 positions in Europe, further retrenching within a region where the transition to electric vehicles is losing traction industrywide.

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The reductions — which amount to about 14% of Ford Europe’s workforce — will primarily hit operations in Germany and the UK by the end of 2027, pending consultations with unions and governments. The automaker also announced it will reduce production of Explorer and Capri EVs at its complex in Cologne, Germany.

Ford vowed in early 2021 to drastically overhaul its business in Europe, saying it would go almost completely electric by the end of the decade. That transformation hasn’t been going to plan, with the company announcing early last year that it would slash 3,800 jobs. Peers including Volkswagen AG and Stellantis NV have issued profit warnings in recent months, citing the broad slowdown in vehicle sales and governments pulling support for EV purchases.

“What we lack in Europe and Germany is an unmistakable, clear policy agenda to advance e-mobility,” John Lawler, Ford’s vice chairman and chief financial officer, said in a statement. He called for more public investment in charging infrastructure, meaningful EV incentives and greater flexibility in CO2 emissions-reduction targets, which the EU and UK are making more stringent next year.

Ford shares fell as much as 3.5% as of 11:45 a.m. Wednesday in New York. The stock has plunged 27% since mid-July, when the company revealed soaring warranty expenses linked to recalls and quality issues were eating into profit.

Ford’s share of Europe’s passenger car market shrank to just 3.3% in the first nine months, from 4.1% during the same span last year, according to the European Automobile Manufacturers’ Association. The automaker is more competitive in the commercial vehicle business, which will take longer to electrify.

Chief Executive Officer Jim Farley is pressuring executives worldwide to lower costs that have put Ford at a competitive disadvantage to rivals.

“The biggest opportunity for Ford, or unlock for Ford, is our cost structure,” Lawler told analysts Wednesday at an industry conference hosted by Barclays. The company is “getting after the $7 billion of cost that we have relative to competition.”

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