Ford Investing $1 Billion In Europe To Go Fully Electric By 2030

Ford has become the latest major automaker to make a significant transition towards EV production, and will stop selling any form of its internal combustion engines across Europe by 2030.

On Wednesday, Ford announced that it will convert all of its passenger vehicle models in Europe to fully electric by 2030, and will spend $1 billion to overhaul an existing factory in Cologne, Germany in order to meet its ambitious zero-emission goals. Mass production at the Cologne factory is expected to commence in 2023, and by mid-2026 all of the automaker’s cars sold in Europe will be either all-electric or plug-in hybrid.

Although Ford did not specify whether or not it will manufacture its own batteries or continue to to purchase them from suppliers, the automaker did note that the EVs will use Volkswagen’s mechanical framework. The latest news follows Ford’s earlier announcement that it will invest upwards of $22 billion through to 2025 to produce electric vehicles, which is nearly double the amount the company had previously committed to spending.

Ford’s latest EV ambitions follow in the footsteps of General Motors, which at the beginning of the year made a similar announcement, pledging to sell only zero-emission vehicles by 2035, while making all of its global operations carbon neutral by 2040. Europe has recently imposed tougher restrictions on carbon emissions, which further reduced the average level of emissions manufacturers have to abide by. If vehicle producers fail to meet the limits, they face significant fines— which Ford said it was in a position to avoid going forward.

Information for this briefing was found via Ford. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

First Majestic Posts Record Quarterly Silver Production In Q3

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

Related News

Joe Biden to Tighten Car Pollution Rules in Effort to Boost EV Adoption

The Biden administration is planning to propose the toughest-ever pollution rules for cars in the...

Friday, April 7, 2023, 09:00:00 AM

Lithium Americas: Results of Tesla Supercharging Test Is A Positive For This Well-Positioned Lithium Miner

Tesla’s Shanghai-made Model 3, which comes equipped with a lithium iron phosphate (LFP) battery, appears...

Wednesday, November 11, 2020, 12:01:00 PM

Quebec Scraps Full 2035 Gas Vehicle Ban

Quebec recently lifted its planned 2035 ban on new gas-powered vehicle sales and reset the...

Wednesday, October 1, 2025, 07:39:00 AM

Mercedes-Benz to Build Its Own EV Charging Network

Mercedes-Benz will soon match its growing range of electric vehicles with the full experience as...

Sunday, January 22, 2023, 11:21:00 AM

GM Leads $60-Million Funding Round For Mitra Chem Aimed At Making EV Batteries Cheaper

General Motors (NYSE: GM) has spearheaded a $60 million Series B funding round for Mitra...

Thursday, August 17, 2023, 08:38:14 AM