Automaker Ford plans to cut more than 1,000 jobs at its largest plant in Cologne, German magazine Automobilwoche reported today, citing unnamed sources.

According to this publication, a meeting of 14,000 workers is even scheduled for Monday.

Ford, which employs about 20,000 people in Germany according to its website, declined to comment on the report. But the company said the transition to the electric vehicle market will require “significant changes” in the way cars are made. “We have no comment on rumors of a possible Ford restructuring in Europe,” a spokesman for the automaker said in a written statement. “The transition (to the electric vehicle market) requires significant changes in how we design, manufacture and market Ford vehicles and will impact the organizational structure and skills we will need going forward,” he added, adding that more details will be announced. y when company plans are finalized and employees are informed first.

Ford is investing about $2 billion to expand its Cologne plant, where Ford Fiesta cars, engines and transmissions are made, to create an all-electric model. The American automaker has committed to selling only electric passenger cars in Europe by 2030, and plans to launch three new electric passenger cars and four electric commercial vehicles by 2024.

Source: APE-MPE, Reuters.