Ford today announced a new strategy for the European market that aims the automaker at primarily only selling electric vehicles by 2030. To do so, Ford intends to spend $1 billion to revamp a factory in Cologne, Germany, where it will produce EVs using a Volkswagen platform. The first production vehicle from the updated factory is expected by 2023.
Stuart Rowley, president of Ford of Europe, made the announcement today during an online news conference.
This new strategy involves phasing out gasoline-powered vehicles in favor of electric power. The automaker expects to have all commercial vehicles made by Ford in Europe be electric by 2024. Two years later, it expects to have converted its entire lineup into electric or plug-in hybrids. Gasoline-powered commercial vehicles will still be offered for sale in Europe after 2030, Ford says. However, the automaker currently sees electric models accounting for two-thirds of its European sales.
Ford’s announcement comes after a similar pledge from General Motors where the automaker said it intended to mostly produce EVs by 2035. Both Ford and General Motors are small players in the European market where GM has all but pulled out, and Ford only has a 5% market share.uote>