Ford Motor is investing US$1 billion in an electric vehicle production facility in Cologne, Germany, with the European arm of the automotive giant committing to go “all-in” on electric vehicles in the years ahead, CNBC reports.
In plans announced Wednesday morning, Ford said its entire passenger vehicle range in Europe would be “zero-emissions capable, all-electric or plug-in hybrid” by the middle of 2026, with a “completely all-electric” offering by 2030.
The investment in Cologne will see the company update an existing assembly plant, converting it into a facility focused on the production of electric vehicles.
“Our announcement today to transform our Cologne facility, the home of our operations in Germany for 90 years, is one of the most significant Ford has made in over a generation,” Stuart Rowley, Ford of Europe’s president, said in a statement.
“It underlines our commitment to Europe and a modern future with electric vehicles at the heart of our strategy for growth,” Rowley added.
Elsewhere, the business wants its commercial vehicle segment in Europe to be zero-emissions capable, plug-in hybrid or all-electric by 2024.