Ford is set to potentially slash up to 12,000 jobs at manufacturing plants across Europe, including 3,000 jobs in the UK, as part of a massive cost cutting plan, according to Yahoo. The company also confirmed that it would close or sell 6 of its 24 facilities across Europe by the end of 2020.

Ford said that most of its cuts will come "primarily through voluntary separation programmes." Ford says that 2,000 of the 12,000 jobs that will be "impacted" are salaried positions. 

This comes on the same day that UK vehicle production is said to be down for the 12th straight month, dropping 15.5% in May. 20,000 less vehicles were manufactured in the UK last month than in 2018, according to the Society of Motor Manufacturers and Traders (SMMT).

The global auto industry continues to grind to a halt as a result of recessionary economies, the U.S./China trade war, and higher emissions standards in Europe. There are fears that Brexit could put additional pressure on production going forward.

Ford called the cuts "the most comprehensive redesign in the history of its business in Europe."