Ford to double down on its electrification drive for European nations

U.S. automotive giant Ford Motors Co. has reportedly unveiled its plan of launching 7 electric models in Europe, a battery assembling plant in Germany, and a nickel cell manufacturing unit in Turkey to double down on its EV push in the continent.

In this context, Europe Ford’s head Stuart Rowley cited the move echoes marching along with transforming Europe towards an all-electric future and meeting the mobility needs of consumers. Moreover, Ford plans to introduce 4 electric commercial vehicles and 3 electric passenger vehicles in Europe by 2024, to sell more than 600,000 vehicles in the continent by 2026.

Meanwhile, this would help the U.S. automaker in meeting its global goal of selling more than 2 million EVs annually and achieving 10% of the adjusted operating margin by 2026. Overall, Ford intends to invest USD 50 billion to double down on its electrification drive.

Sources confirmed that the automotive giant deepened its existing alliance with Volkswagen and will produce a second EV for the European market based on the German automaker’s modular electric-drive matrix (MEB) platform where Ford will double its planned volume to 1.2 million units over six years.

This will involve investments worth USD 2 billion at Ford’s Cologne engine manufacturing site in Germany as well as battery assembling plant which are expected to commence its operations from 2024.

Ford has also signed a non-binding memorandum of understanding (MOU) with SK Innovation Co. and KOC Holding A.S. for manufacturing high nickel NMC cells for battery assembling modules.

The U.S. automaker intends to build a mid-size crossover vehicle with the capacity to travel 500 kilometers on a single charge. The details of the vehicle will be unveiled later this year and the production is expected to begin in 2023.

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https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/ford-doubles-down-on-electric-push-in-europe/90205200