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Ford is investing $ 1 billion in an electric vehicle manufacturing facility in Cologne, Germany, with the automotive giant’s European arm committed to going “all-in” on electric vehicles for the next few years.
In plans announced Wednesday morning, Ford said the full range of passenger cars in Europe would be “emission-free, all-electric or plug-in hybrid” by mid-2026 and a “all-all-electric” offering by 2030.
Through the investment in Cologne, the company will update an existing assembly plant and convert it into a facility dedicated to the production of electric vehicles.
“Our announcement today to transform our Cologne facility, where we have been operating in Germany for 90 years, is one of the most significant that Ford has done in more than a generation,” said Stuart Rowley, president of Ford of Europe. a statement.
“It underscores our commitment to Europe and a modern future with electric vehicles at the heart of our growth strategy,” adds Rowley.
The company also wants its commercial vehicle segment in Europe to be emission-free, plug-in hybrid or fully electric by 2024.
A ‘transformative’ decade
With governments around the world announcing plans to move away from diesel and gasoline cars, Ford, along with several other major automakers, is seeking to expand its electric offering and challenge companies like Elon Musk’s Tesla.
Earlier this week, Jaguar Land Rover announced that its Jaguar brand would be fully electric from 2025. The company, which is owned by Tata Motors, also said its Land Rover segment would roll out six ‘pure electric variants’ in the coming period. five years.
Elsewhere, South Korean carmaker Kia will launch its first dedicated electric vehicle this year, while Germany’s Volkswagen Group is investing about € 35 billion (about $ 42.27 billion) in battery-powered electric vehicles and says it will have about 70 fully electric vehicles by 2030. models want to roll out. .
Last month, Daimler’s CEO told CNBC that the auto industry was “in the midst of a transformation.”
“In addition to the things we know well – to build the world’s most sought-after cars, frankly – there are two technology trends that we’re doubling down: electrification and digitalization,” Ola Källenius told CNBC’s Annette Weisbach.
The firm, headquartered in Stuttgart, “poured billions into these new technologies,” he added, stating that they “would shape our path to CO2-free driving.” This decade, he claimed, would be “transformative.”