Ford will launch seven all-electric vehicles in Europe by 2024

(RTTNews) – Ford Motor Co. (F) plans to introduce three new electric passenger vehicles and four new electric utility vehicles in Europe by 2024, and sell more than 600,000 electric vehicles in the region by 2026 It will invest $2 billion in the electric vehicle production center in Cologne, Germany, to accelerate its all-electric future in Europe.

The announcement follows the company’s recent announcement that it will create a new global business unit – Ford Model e – focused on the design, production and distribution of electric and connected vehicles. Together with Ford Pro, the business unit focused on Ford’s commercial vehicle business, these two business units will define Ford’s future in Europe.

Ford expects its annual electric vehicle sales in Europe to exceed 600,000 units in 2026 and also reaffirmed its intention to achieve a 6% EBIT margin in Europe in 2023. The acceleration in Europe supports Ford’s goal to sell more 2 million electric vehicles worldwide by 2026 and deliver an adjusted EBIT margin of 10%.

The company is aiming for zero emissions for all vehicle sales in Europe and carbon neutrality across its entire European footprint of facilities, logistics and suppliers by 2035.

From 2023, Ford will begin production of an all-new electric passenger vehicle, a mid-size crossover, built in Cologne with a second electric vehicle added to the Cologne production lineup in 2024. Additionally, the vehicle from passenger car in Europe, the Ford Puma, will be available in an electric version manufactured in Craiova, Romania, from 2024.

Ford’s signature Transit lineup will include four new electric models – the all-new Transit Custom one-ton van and Tourneo Custom multi-purpose vehicle in 2023, and the next-generation smaller Transit Courier van and Tourneo Courier multi-purpose vehicle in 2024.

Ford confirmed on Monday that the first all-electric passenger vehicle to roll out of the Ford Electrification Center in Cologne will be a five-seat midsize crossover. Capable of a range of 500 km on a single charge, the vehicle and its name will be revealed later in 2022, with production starting in 2023.

The company also said a second all-electric passenger vehicle – a sports crossover – will be built at Ford’s Cologne Electrification Center, meaning electric vehicle production at the plant will increase to 1.2 million. vehicles over a six-year period. The investment in the new electric passenger vehicles to be built in Cologne is expected to amount to 2 billion dollars. The investment includes a new battery assembly facility scheduled to start up in 2024.

Meanwhile, Ford, SK On Co., Ltd. and Koç Holding have signed a non-binding memorandum of understanding for a new joint venture in Turkey, aimed at increasing battery production in Europe.

The joint venture would be located near Ankara and would manufacture high-nickel NMC cells for assembly into battery modules. Production is expected to begin as early as the middle of the decade with an annual capacity likely to be in the range of 30 to 45 gigawatt hours.

Ford has announced that Ford Otosan will become the owner of the Craiova plant and manufacturing business. Ford Otosan is a joint venture between Ford Motor Company and Koç Holding.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

About Mohammed B. Hale

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