Ford is looking to cut up to 24,000 jobs and stop production of models such as the Mondeo in an attempt to revive its European business, reports the Sunday Times. Morgan Stanley analysts suggest that the automaker will shed 12% of its 202,000 workforce, the bulk of which will be from its European operations. Ford has 12,000 workers in its UK factories, R&D, administration and dealerships.

Alongside the Mondeo, the Blue Oval will also likely end production of the Galaxy and S-Max in favour of more profitable crossovers and SUV models, the Times said, citing unnamed sources who are familiar with the matter. In fact, Ford could also trim its number of dealerships, although it’s unclear if this move will spill over to markets outside of Europe.

From left: Ford S-Max, Ford Galaxy

Ford lost US$73 million in Europe between April and June due to declining diesel sales and weak product line-up, the publication added. Ford also faces additional uncertainty from Brexit, which could potentially lead to higher tariffs on cars and parts traded between the UK and Europe.

While the turnaround plan has yet to be confirmed for the next few months, Ford could shift some or all of its European unit into a joint venture with a rival, such as Volkswagen. Ford Europe president Steven Armstrong said the company is focused on “aggressively attacking costs, implementing facility and product program efficiencies to lower product and material cost, as well as capital intensity in Europe,” the Times reported.