Ford ramping up electric vehicles in Europe

By AP News

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Ford says it will have three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024, part of the automaker's continued push to grow its presence in the EV market.

Ford says it will have three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024, part of the automaker's continued push to grow its presence in the EV market.

Ford Motor Co. said Monday that it plans to sell more than 600,000 electric vehicles in the Europe by 2026. It anticipates producing 1.2 million electric vehicles in Cologne, Germany over six years.

Ford will start production of an all-new electric passenger vehicle, a medium-sized crossover, in Cologne next year. A second electric vehicle will be added to the Cologne production line-up in 2024. An electric version of the Ford Puma will be made in Craiova, Romania beginning in 2024.

For commercial vehicles, the Transit will include four new electric models – the Transit Custom one-tonne van and Tourneo Custom multi-purpose vehicle in 2023, and the smaller, next generation Transit Courier van and Tourneo Courier multi-purpose vehicle in 2024.

“I am delighted to see the pace of change in Europe – challenging our entire industry to build better, cleaner and more digital vehicles," Ford President and CEO Jim Farley said in a statement. "Ford is all-in and moving fast to meet the demand in Europe and around the globe.”

Earlier this month Ford announced that it was splitting its electric vehicle and internal combustion operations into two individual businesses. Ford Blue will focus on traditional combustion engines and Ford Model e will develop electric vehicles. The Detroit company now expects that half of its vehicles will be electric by 2030.

Ford is looking to sell more than 2 million electric vehicles worldwide by 2026.

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Consumer Discretionary
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Ford Motor Company

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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