By Joe Williams

Ford Motor Co. Opens a New Window. is overhauling its European business, the carmaker said on Thursday, pushing out a new vehicle line-up Opens a New Window. , laying off workers and realigning its operations Opens a New Window. in an effort to improve its financial performance in the region.

“Ford will be a more targeted business in Europe, consistent with the company’s global redesign,” said European president Stuart Rowley.

Ford expects to release three new models in the market over the next five years, including an all-electric Mustang-inspired vehicle, part of a broader shift for the Dearborn, Michigan-based company towards emissions-free options.

“Our future is rooted in electrification,” Rowley said. “We are electrifying across our portfolio, providing all of our customers with more accessible vehicle options that are fun to drive, have improved fuel economy and are better for our environment.”

The company is also focusing on sport utility vehicles and imported models for the region, according to a statement. By 2024, Ford expects to triple the number of passenger vehicles it ships to Europe.

With the changes, it is hoping to continue to lead in pickup sales and double profitability over the next five years.