Ford Invests $1bn To Switch To All-Electric Car Manufacturing In Europe

Ford Motor Co. has invested $1bn dollar in its Germany plant to facilitate its plan to switch its car models in Europe to all-electric by 2030.

Ford car models will have an all-electric or plug-in hybrid option by 2026, the manufacturer said in a statement on Wednesday.

But the biggest ambition set by the American car manufacturer is to go 100 per cent “all-electric” by the end of 2030.

The decision is part of its effort to join the race for zero- CO2 emission target for cars.

UK had in November 2020 announced that it would ban the sale of new petrol and diesel car after 2030.

With the investment, Ford’s plant in Cologne, Germany, would be the manufacturer’s first electric facility in Europe.

Ford Europe president, Stuart Rowley, said, “We successfully restructured Ford of Europe and returned to profitability in the fourth quarter of 2020.

“Now we are charging into an all-electric future in Europe with expressive new vehicles and a world-class connected customer experience.”

“Our announcement today to transform our Cologne facility, the home of our operations in Germany for 90 years, is one of the most significant Ford has made in over a generation,” Stuart Rowley, Ford of Europe’s president, said in a statement.

“It underlines our commitment to Europe and a modern future with electric vehicles at the heart of our strategy for growth.”

Ford also targets zero-emissions, plug-in hybrid or all-electric for its commercial vehicle lines in Europe by 2024.