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 became the latest carmaker to seek deep cost savings as it grapples with timid demand for electric vehicles and rising competition.

Ford has been undergoing a painful restructuring in Europe, announcing 3,800 job cuts in February 2023. It is closing its Saarlouis plant in Germany next year, with further job cuts. The European Union has slapped tariffs on Chinese-made EVs, saying they benefit from unfair government subsidies.