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Ford is investing $ 1 billion in an electric vehicle production plant in Cologne, Germany, with the European arm of the automotive giant committed to making an all-in to electric vehicles in the coming years.
According to plans announced Wednesday morning, Ford said its full range of passenger vehicles in Europe would be “capable of zero emissions, fully electric or plug-in hybrid” by mid-2026, with a “fully electric” offer for to 2030.
The investment in Cologne will allow the company to upgrade an existing assembly plant, turning it into a facility focused on the production of electric vehicles.
“Our announcement today to transform our Cologne facility, the home of our operations in Germany for 90 years, is one of the most significant Fords it has made in over a generation,” said Stuart Rowley, president of Ford of Europe, in a statement.
“It underscores our commitment to Europe and a modern future with electric vehicles at the heart of our growth strategy,” Rowley added.
The business also wants its commercial vehicle segment in Europe to be capable of zero emissions, plug-in hybrid or all-electric by 2024.
A “transforming” decade
With governments around the world announcing plans to move away from diesel and gasoline vehicles, Ford, along with other major vehicle manufacturers, is trying to increase its electricity supply and challenge companies like Elon Musk’s Tesla.
Earlier this week, Jaguar Land Rover announced that its Jaguar brand would be fully electric by the year 2025. The company, owned by Tata Motors, also said its Land Rover segment would launch six “variants pure electricity “for the next five years.
Elsewhere, South Korean carmaker Kia will launch its first dedicated electric vehicle this year, while German group Volkswagen is investing about 35 billion euros (about $ 42.227 billion) in battery-powered electric vehicles and says which aims to launch approximately 70 fully electric models by 2030.
Last month, Daimler’s CEO told CNBC that the auto industry “was in the midst of transformation.”
“Alongside the things we know well, to build, frankly, the most desirable cars in the world, there are two technological trends we’re duplicating: electrification and digitization,” Ola Källenius told CNBC’s Annette Weisbach .
The Stuttgart-based company was “pouring billions into these new technologies,” he added, stating that “they would lead our way to CO2-free driving.” This decade, he went on to say, would be “transformative.”