Ford has become the latest major automaker to make a significant transition towards EV production, and will stop selling any form of its internal combustion engines across Europe by 2030.
On Wednesday, Ford announced that it will convert all of its passenger vehicle models in Europe to fully electric by 2030, and will spend $1 billion to overhaul an existing factory in Cologne, Germany in order to meet its ambitious zero-emission goals. Mass production at the Cologne factory is expected to commence in 2023, and by mid-2026 all of the automaker’s cars sold in Europe will be either all-electric or plug-in hybrid.
Although Ford did not specify whether or not it will manufacture its own batteries or continue to to purchase them from suppliers, the automaker did note that the EVs will use Volkswagen’s mechanical framework. The latest news follows Ford’s earlier announcement that it will invest upwards of $22 billion through to 2025 to produce electric vehicles, which is nearly double the amount the company had previously committed to spending.
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Ford’s latest EV ambitions follow in the footsteps of General Motors, which at the beginning of the year made a similar announcement, pledging to sell only zero-emission vehicles by 2035, while making all of its global operations carbon neutral by 2040. Europe has recently imposed tougher restrictions on carbon emissions, which further reduced the average level of emissions manufacturers have to abide by. If vehicle producers fail to meet the limits, they face significant fines— which Ford said it was in a position to avoid going forward.
Information for this briefing was found via Ford. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
