Ford unveiled plans for 7 new electric models in Europe, a battery-assembly site in Germany and a nickel-cell manufacturing joint venture in Turkey, as part of a major electric vehicle (EV) push on the continent.
see photosFord logo is seen on a car in a park lot in Sao Paulo
US carmaker Ford on Monday unveiled plans for seven new electric models in Europe, a battery-assembly site in Germany and a nickel-cell manufacturing joint venture in Turkey, as part of a major electric vehicle (EV) push on the continent. is in the form. Stuart Rowley, Ford’s President of Europe, said: “Our march toward a full-electric future is an absolute necessity for Ford to meet the mobility needs of customers in a changing Europe.” Ford said it will introduce three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024, and plans to sell more than 600,000 EVs in the region by 2026.
This, Ford said, will help it reach its global goal of selling more than 2 million EVs annually and achieving an adjusted operating profit margin of 10% by 2026.
The strategy update for Europe comes shortly after Ford announced a $50 billion investment to kick-start electrification, including running its own EV unit separate from the group’s legacy combustion engine business.
As part of its push, Ford deepened its existing partnership with Volkswagen, whereby the American carmaker will produce a second electric vehicle for the European market based on its German rival’s platform.
Id. Volkswagen’s iconic vehicle Buzz as seen during its world premiere in Paris
photo credit: Reuters/Benoit Tessier
As a result, Ford will double its planned volume of vehicles to be produced based on Volkswagen’s modular electric-drive platform, known as the MEB, to 1.2 million units in a six-year time frame.
This will include a $2 billion investment at Ford’s Cologne site in Germany, as well as a new battery assembly facility scheduled to begin operations in 2024.
Ford also said that it has signed a non-binding Memorandum of Understanding with SK On Co., a unit of South Korea’s SK Innovation, and Turkey’s Kok Holding to manufacture high-nickel NMC cells for assembly into battery array modules. Can go
As part of the strategy update, Ford Otosan, Ford’s joint venture with Coke Holding, will buy the American carmaker’s plant in Craiova, Romania, for 575 million euros ($630 million) to further boost electric and commercial vehicle capacity.
($1 = 0.9130 Euro)
(Reporting by Christoph Steitz; Editing by Miranda Murray, Louise Heavens and Susan Fenton)
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