As it seeks to transition to electric vehicles, Ford Motor Company intends to cut more than 3,000 workers to reduce costs and free up funding, according to a Wall Street Journal report.

In an internal email to employees, the automaker said over the next few days it would begin notifying the affected workers.

According to the Wall Street Journal, “The workforce reduction mostly targets employees in the U.S., Canada and India. About 2,000 of the targeted cuts will be salaried jobs at the Dearborn, Mich., auto maker. The remaining 1,000 employees are working in contract positions with outside agencies, the company said.”

Reportedly, the email said the company was seeking to embrace updated technologies.

According to Chief Executive Jim Farley, the company had too many employees, and “the existing workforce doesn’t have the expertise needed to transition to a portfolio of electric, software-laden vehicles.”

Ford recently announced an $8,500 price hike in its F-150 Lightning due to increased material costs and other factors, raising the price to a range of $47,000 to $97,000 from $40,000 to $92,000 for the 2022 model.

Ford is leveraging its combustion engine business and focusing those resources on its Electric Vehicle division, called Ford Model e, in an effort to close the gap with industry leader Tesla Inc. Ford has committed to spend roughly $50 billion through 2026 on research and development of electric vehicles, with a global sales target of two million EVs by then.