F
Ford goes 'all-in' on electric vehicles in Europe
- The switch to electric vehicles is happening fast as consumers
increasingly accept the industry shift and governments across the globe
announce plans for regulation on diesel and gasoline vehicles. Ford
(NYSE:F) is the latest to announce its entire passenger vehicle range in
Europe would be "zero-emissions capable, all-electric or plug-in hybrid"
by
2024, with a "completely all-electric" offering by 2030. In fact, Ford
will
invest $1B on an EV production facility in Cologne, Germany, retooling an
existing assembly plant to produce its next-generation lineup. F +1.6%
premarket.
- *Quote:* "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," said Stuart Rowley,
President of Ford Europe. "It underlines our commitment to Europe and a
modern future with electric vehicles at the heart of our strategy for
growth."
-
- Ford currently rules the U.S. and European market for gasoline-powered
commercial vehicles with shares of 40% and nearly 15%, respectively.
Earlier this month, the automaker said it would "double down" on
connected
electric vehicles, investing $22B in electrification through 2025, nearly
twice what it had previously committed to the EV dream.
- *Go deeper:* Last month, General Motors (NYSE:GM) said it would aim
for an entirely zero-emission lineup by 2035, while Volkswagen (
OTCPK:VWAGY) announced a €35B investment in battery electric vehicles
(with roughly 70 all-electric models by 2030). South Korean carmaker Kia
(OTCPK:KIMTF) is also launching its first dedicated electric vehicle
this year, while Jaguar Land Rover (NYSE:TTM) said its luxury Jaguar
brand would be entirely electric by 2025 and the rest of its lineup by
2030.
|Today, 5:31 AM|1 Comment
Ford goes 'all-in' on electric vehicles in Europe
- The switch to electric vehicles is happening fast as consumers
increasingly accept the industry shift and governments across the globe
announce plans for regulation on diesel and gasoline vehicles. Ford
(NYSE:F) is the latest to announce its entire passenger vehicle range in
Europe would be "zero-emissions capable, all-electric or plug-in hybrid"
by
2024, with a "completely all-electric" offering by 2030. In fact, Ford
will
invest $1B on an EV production facility in Cologne, Germany, retooling an
existing assembly plant to produce its next-generation lineup. F +1.6%
premarket.
- *Quote:* "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," said Stuart Rowley,
President of Ford Europe. "It underlines our commitment to Europe and a
modern future with electric vehicles at the heart of our strategy for
growth."
-
- Ford currently rules the U.S. and European market for gasoline-powered
commercial vehicles with shares of 40% and nearly 15%, respectively.
Earlier this month, the automaker said it would "double down" on
connected
electric vehicles, investing $22B in electrification through 2025, nearly
twice what it had previously committed to the EV dream.
- *Go deeper:* Last month, General Motors (NYSE:GM) said it would aim
for an entirely zero-emission lineup by 2035, while Volkswagen (
OTCPK:VWAGY) announced a €35B investment in battery electric vehicles
(with roughly 70 all-electric models by 2030). South Korean carmaker Kia
(OTCPK:KIMTF) is also launching its first dedicated electric vehicle
this year, while Jaguar Land Rover (NYSE:TTM) said its luxury Jaguar
brand would be entirely electric by 2025 and the rest of its lineup by
2030.
|Today, 5:31 AM|1 Comment
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