Ford Dedicate $2 Billion Investment To Electric Vehicles In Europe
As part of a massive $2 billion investment, Ford have announced their plans to release seven new electric vehicles in Europe. Their goal is to sell 600,000 vehicles with battery technology in Europe by 2026, a major step towards their target of complete carbon neutrality by 2035.
Of the seven vehicles, 3 will be passenger vehicles, including a sport crossover with 500km of range and an electric version of the already existing Ford Puma. There are currently no details on the third vehicle.
Alongside these will be 4 commercial electric vehicles, including electric versions of their Transit Courier and Tourneo Courier Vans. Furthermore, the E-Transit, the first of Ford’s commercial electric vehicles.
Ford had previously announced that it aimed to make 50% of its vehicle sales electric by 2030, and that it would be dividing the company into two halves: Ford Blue, which will focus on petrol powered combustion engines, and Ford Model e, which will focus on electric vehicles.
Originally, Ford had stated that it would invest $1 billion in the process of converting a plant in Cologne, Germany into its first EV production facility in Europe. However, it now says that it expects to produce 1.2 million EV’s in 6 years and will invest $2 billion.
“These new Ford electric vehicles signal what is nothing less than the total transformation of our brand in Europe — a new generation of zero-emission vehicles, optimized for a connected world, offering our customers truly outstanding user experiences,” said Chair of Ford of Europe, Stuart Rowley.
In a joint venture not unlike their previous battery facility in the US, Ford and Sk On Co, a subsidiary of SK Innovation, plan on building a battery plant in Turkey. SK On Co were also responsible for providing batteries for the infamous Ford Mustang Mach-E.
Despite dramatic investment and action, Ford are running behind compared to their competitors when it comes to converting to electric vehicles. While the entire industry has been left in the dust in this department by Tesla, companies such as General Motors have declared that they aim to be 100% electric by 2035, while Toyota is planning to invest the equivalent of $35 billion USD in building 30 new EVs by 2030, as well as increasing EV sales by 3.5 million units a year by that deadline.
While Ford sells more F-series trucks alone than all of Tesla’s models combined, the future is inevitably moving towards electric vehicles, and Tesla have been rewarded by investors as a result.
Ford CEO Jim Farley is trying to change the brands reputation, and make the company competitive in the EV market. Production of the F-150 lightning, the new electric pickup truck, has been doubled, while production for the Mustang Mach-E has tripled, with the goal of 200,000 units annually by 2023.