Ford is planning to cut around 10% of its jobs worldwide in a bid to increase profits and boost its stock price, which is close to a five-year low, CNBC reports that the job cuts will involve mainly salaried workers in North America and Asia, according to sources.

Hourly jobs, particularly in North America, will not be cut as the Detroit automaker works to meet demand for new cars in its home region, which remains relatively strong despite recent reports of rising inventories. Worldwide, FoMoCo employs about 200,000 people, which means that the job cuts could involve 20,000 people.

Ford, in an official statement, did not confirm it is slashing jobs. “We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities,” the company said.

“Reducing costs and becoming as lean and efficient as possible also remain part of that work. We have not announced any new people efficiency actions, nor do we comment on speculation,” the statement added.

The report points out that unlike past job cuts, this round of cost cutting comes while Ford is solidly profitable – 2016 was the second most profitable year ever for the company. However, Ford is also investing heavily in future tech such as autonomous drive, electric vehicles and mobility solutions; and future profits might be affected.

“We’re as frustrated as you are by the stock price. The Ford family wants the stock to go up. Our net worth is tied up in this company, of course we want it to go up,” Ford chairman Bill Ford said during the company’s annual meeting last week when he was asked about the company’s stock price. Since current CEO Mark Fields took over in July 2014, Ford’s stock is down 36%, it is pointed out.