Ford Motor Company (NYSE: F) is planning to convert its manufacturing center to a European electric vehicle factory. The factory of the firm is in Cologne, Germany. The US-based manufacturer disclosed that it has decided to spend $1 billion to transform its factory into an EV factory.
The firm has not disclosed how many electric passenger vehicles it is planning to build by 2023. Ford has also announced that it will establish a second one in the future. Ford vowed to provide fully electric or plug-in gas-electric models of all commuter vehicles in Europe by 2024, with all European vehicles heading to become fully electric by 2030. The firm also forecast that two-thirds of its European industrial vehicle sales will be electric or plug-in hybrids by 2030.
Ford stated that the customers want them to make vehicles fully electric and are now preferring sustainability and want firms to follow the dreams them. Ford Motor Company said that commercial vehicles are crucial for the development and success in Europe, with new products and services through its partnership with Volkswagen and Ford's Otosan joint venture in Turkey.
This investment of the firm is showing its commitment to Europe and a step forward to the modern future. Ford disclosed that the financing in the Cologne plant hires just over 4,000 employees. The decision of the firm comes after its European operations showed a huge profit in the Q4 of 2020. This investment of the Ford Motor Company is part of its plan to invest $22 billion on EV from 2016-2025.