Ford EV investment in Europe getting bigger

Ford EV investment in Europe getting bigger. As part of a $2 billion investment, Ford announced plans to start selling seven new electric cars in Europe. By 2026, the firm wants to sell 600,000 battery-powered vehicles on the continent, with the ultimate goal of carbon neutrality across its manufacturing footprint by 2035.

Following the announcement that it would be dividing into two businesses, one focusing on conventional gasoline-powered vehicles and the other on electric automobiles and software, news emerged this week about an impending change at Ford. By 2030, according to Ford, half of its global sales will be electric cars, including all of its passenger cars in Europe.

Previously, the firm claimed it would invest $1 billion to establish a production facility in Cologne, Germany, as its first on the continent. The company now anticipates producing 1.2 million vehicles over six years with a total product investment of $2 billion.

Ford EV investment in Europe: New EVs are coming

Three new passenger vehicles, including a sport crossover with a range of 500 km (311 miles) and an electric version of the Ford Puma, a tiny crossover that will be produced at the company’s plant in Craiova, Romania, in 2024, are among them.

Ford will also produce four commercial EVs, including electric versions of its Transit Courier and Tourneo Courier multipurpose vehicles. (The company’s first commercial EV, the E-Transit van, will debut in Europe next quarter.)

“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.”

-Stuart Rowley, chair, Ford of Europe, in a statement

Ford plans on building a battery manufacturing plant in Turkey

With a subsidiary of South Korean battery giant SK Innovation, Ford is planning to establish a battery production plant in Turkey. The two firms previously established a joint venture to investigate the possibility of establishing a battery factory in the United States. Ford’s Mustang Mach-E receives batteries from SK On Co.

While the automobile business tries to catch up with Tesla, which is the most valuable automaker in the world and the top seller of electric vehicles, Ford is engaged in a high-risk race against its competitors. While Ford sells more F-series trucks every year than Tesla’s entire production, investors have rewarded Elon Musk’s vision of an all-electric future with a significantly greater share price and greater optimism about his company’s long-term prospects.

With an objective to minimize the negative perception surrounding his firm, Ford Executive Jim Farley is attempting to alter it. Ford recently announced that it will nearly double production of its forthcoming electric pickup truck, the F-150 Lightning, and triple production of the Mustang Mach-E, aiming for sales of more than 200,000 vehicles per year by 2023. In early 2018, Ford will launch its electric delivery van, E-Transit.