Ford has announced it will only sell electric vehicles in Europe by 2030. The automaker said it will spend $1 billion to convert its factory in Cologne, Germany, into its first EV production line on the continent.
Ford says it will transition to EV-production gradually over the next decade. By 2024, the company’s entire commercial vehicle lineup will be “zero-emissions capable, all-electric or plug-in hybrid.” By mid-2026, Ford says “100 percent” of its passenger vehicle lineup will be the same. And by 2030, Ford expects two-thirds of its commercial vehicle sales to be all-electric or plug-in hybrid, while all of its passenger vehicles sold will be pure battery-electric.
The news comes on the heels of Ford announcing that it would increase its investment in electric and autonomous vehicles to $29 billion. The automaker had previously committed to spend $11.5 billion on electrifying its vehicle lineup through 2022. Now, it will spend more than double that amount, although the investment timeline is extended to 2025.
In 2019, Ford struck a deal with Volkswagen to use its MEB electric vehicle platform and Ford has confirmed it will use the platform to design and build at least one high-volume fully electric vehicle in Europe starting in 2023.
Ford isn’t even the only carmaker to greatly increase its bet on electric. Late last year, GM said it would spend $27 billion on electric and autonomous vehicles through 2025 — up from the $20 billion it announced before the COVID-19 pandemic. GM has also said it would transition to electric vehicles only by 2040.