Ford to go all electric in Europe by 2030
"Ford announced a major push into electric vehicles in Europe, vowing to convert its entire passenger car lineup on the continent to electrics by 2030."
Ford will spend $1 billion to revamp its factory in Cologne, Germany, and make it a base for the production of zero local emission cars using Volkswagen's mechanical framework, said Stuart Rowley, president of Ford of Europe, during an online news conference Wednesday.
The new electric car is to reach the market in mid-2023 and could be followed by a second one there in the future.
The agreement lets Ford take advantage of Volkswagen's massive investment in electric cars as the industry shifts toward zero-local emissions vehicles.
The Volkswagen framework uses standard mechanical underpinnings such as the battery, wheels, and axles that can be adjusted to manufacture different vehicle models.
Also read: LUXURY CAR BRAND JAGUAR TO GO ALL-ELECTRIC BY 2025
The moves are part of Ford's push to offer fully electric or plug-in gas-electric versions of all passenger vehicles in Europe by 2024, with all European passenger vehicles going to fully electric by 2030. The company also predicted that two-thirds of its European commercial vehicle sales will be electric or plug-in hybrids by 2030.
"We are going all-in on electric vehicles," Rowley said.
Carmakers in Europe must sell more electrics to meet new, lower limits on emissions of carbon dioxide, the main greenhouse gas blamed for global warming. The new limit, which took effect at the start of the year, is part of the European Union's efforts to comply with the 2015 Paris agreement on global warming. If manufacturers don't hold fleet average emissions below the limit, they face heavy fines. Rowley said Ford was in a position to avoid the fines going forward.
The company said commercial vehicles are the key to growth and profitability in Europe, with new products and services through its alliance with Volkswagen and Ford's Otosan joint venture in Turkey.
The investment, to be made through 2025, is among the most significant Ford has made in more than a generation and "underlines our commitment to Europe and a modern future," Rowley.
Ford said the investment in the Cologne plant, which employs just over 4,000 workers, comes after its European operations returned to a profit in the fourth quarter of 2020.
The investment is part of Ford's goal of spending at least $22 billion on electric vehicles from 2016-2025.
Also Read :
TOYOTA ANNOUNCES VALENTINE’S DAY OFFER
WHITE HOUSE WORKING TO ADDRESS SEMICONDUCTOR SHORTAGE HITTING AUTO PRODUCTION
7 SEATER DFSK I-AUTO COMING SOON TO NEPAL
NEW DATSUN REDI-GO BOOKING OPEN
CHIPS ARE IN HOT DEMAND—AND THAT’S A PROBLEM