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| Ford will only sell electric cars in Europe by 2030 |
By 2030, Ford said, the company will only sell electric cars in Europe and spend $ 1 billion converting its Cologne plant into the first production line for electric cars in continental Europe.
The automaker has announced that it will gradually switch to electric cars over the next 10 years.
By 2024, the company's commercial vehicle program will be zero-emissions, fully electric or hybrid electric.
By mid-2026, 100% of the vehicle's range will be emission-free, all-electric or hybrid-electric.
Ford predicts that by 2030, two-thirds of its commercial vehicle sales will be electric or hybrid cars, and all passenger cars sold will be battery powered.
Ford previously announced that it would increase its investment in electric and autonomous vehicles to $ 29 billion.
The automaker previously pledged to spend $ 11.5 billion on electrifying the car's range by 2022 and is now spending twice that amount with an extension of the schedule to 2025.
In 2019, the company signed a contract with Volkswagen to use the German auto giant's modular electric vehicle platform.
Volkswagen's MEB platform is the basis for the 15 million electric cars the automaker plans to sell.
Ford has announced that it will design and manufacture at least one vehicle in Europe on the platform starting 2023.
Ford plans to use the MEB platform to offer 600,000 European cars within six years. This will help Ford to comply with European government electric vehicle driving regulations and stringent emissions standards.
Several European countries have set targets to ban the use of conventional gasoline-powered cars and trucks. Norway's goal is 2025 and France and the United Kingdom have goals for 2040 and 2050 respectively.
Ford began shipping its much-anticipated Mustang Mach-E to customers late last year to keep up with other classic car makers.
It's worth noting, as GM said late last year, that Ford isn't the only automaker that has significantly increased its bet on electricity: Ford will spend $ 27 billion on electric cars and be autonomous by 2025.