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GER - Ford invests $1 billion in Cologne EV centre, speeds up electrification schedule

US Big Three auto producer Ford is speeding up its electrification schedule in Europe, driven by a $1 billion electric vehicle manufacturing centre investment in Cologne, Germany.

Ford’s new goals include 100% of its passenger vehicles in Europe being zero-emissions capable by mid-2026, with that shifting to 100% all-electric by 2030.

Its European commercial fleet will reach 100% zero-emissions capable by 2024, Kallanish understands.

“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,” says Ford of Europe president Stuart Rowley.


A linchpin of the new European strategy will be the upgraded Cologne facility, which will begin operation in 2023 and may lead to a second, adjacent facility.

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

Ford notes that additional details concerning Cologne will be “shared over the coming months.”

 

Source: Kallanish Commodities

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