Ford invests $1,000 million in its EV-only bet by 2030

Ford is aiming to challenge EV makers like Tesla by betting on a range of all-electric vehicles by 2030 in Europe.

Ford is investing $1,000 billion in an electric vehicle production plant in the city of Cologne, Germany, and the car giant's European division has committed to betting on electric vehicles in the coming years.

In plans announced last Wednesday morning, it said its entire range of passenger vehicles in Europe would be "zero emission capable, fully electric or plug-in hybrid" by mid-2026, with an "all electric" offering. by 2030.

The investment in Cologne will enable the company to modernize its existing assembly plant, turning it into an electric vehicle-focused facility.

"Our announcement today to transform our Cologne facility, home to our German operations for 90 years, is one of the most significant Ford has made in more than a generation," said Stuart Rowley, president, Ford of Europe, in a statement. a statement.

“This highlights our commitment to Europe and the modern future at the heart of our growth strategy,” Rowley added.

The company also wants its commercial vehicle segment in Europe to be capable of generating zero emissions by 2024, whether plug-in hybrid or all-electric.

The goal is to challenge industry giants like Tesla.

With governments around the world announcing plans to phase out diesel and gasoline vehicles, Ford, along with several other major automakers, is trying to boost its electric vehicle offering and challenge companies like Ford.

Earlier this week, from 2025. The Tata Motors-owned company also said its Land Rover segment will launch six all-electric models in the next five years.

In addition, South Korean automaker Kia is set to launch its first dedicated electric vehicle this year, while Germany's Volkswagen Group is investing about 35 billion euros, or about $42.27 billion, in battery electric vehicles and says it wants to produce about 70 all-electric vehicles. electric models by 2030.

Last month, a Daimler chief executive told CNBC that the auto industry is "undergoing a transformation."

"In addition to what we know well to build, frankly, the most desirable cars in the world, there are two technology trends we're doubling down on: electrification and digitization," CNBC's Ola Kellenius Annette Weisbach said.

The Stuttgart-based company has "invested billions in these new technologies," he added, arguing that they will "accelerate our path to CO2-free driving." This decade, he continued, will be "transformative."

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