Ford Puts Billion into German EV Production
The European subsidiary of Ford Motor Company is investing the equivalent of a cool one billion dollars to convert its Cologne factory to produce electric vehicles.
The move comes ahead of plans by US automotive giant to make its first European-built, mass volume all-electric model in early 2023 and is part of a complete shift in focus toward battery-powered vehicles and away from both conventional and plug-in hybrid cars.
“We are charging into an all-electric future in Europe,” Ford of Europe President Stuart Rowley told US broadcaster CNN. “Consumers are rapidly moving in that direction.“
Ford aims to be producing only purely electric vehicles in Europe by 2030. The 2023 all-electric Ford model is being developed together with German carmaker Volkswagen, which has just overtaken Tesla as the world’s leading producer of EVs. Tesla is in the process of building its first European gigafactory just outside the German capital Berlin.