Ford to make electric power units in northwest England

By AP News

Share:

LONDON (AP) — Ford Motor Co. plans to spend up to 230 million pounds ($315 million) to turn a transmission factory in northwest England into a plant that will make electric power units for cars and trucks sold throughout Europe.

LONDON (AP) — Ford Motor Co. plans to spend up to 230 million pounds ($315 million) to turn a transmission factory in northwest England into a plant that will make electric power units for cars and trucks sold throughout Europe.

The carmaker said Monday that the Halewood plant would begin producing the power units, which replace the engine and transmission used in internal combustion engines, by mid-2024. Capacity is planned to be around 250,000 units a year.

Ford said the investment includes support from the British government, though it did not specify the amount. Ford is one of the U.K.’s largest exporters, shipping engines and transmissions from its plants to more than 15 countries on six continents.

“This is an important step, marking Ford’s first in-house investment in all-electric vehicle component manufacturing in Europe,’’ said Stuart Rowley, president of Ford of Europe.

Ford plans to sell nothing but all-electric passenger vehicles in Europe by 2030, with two-thirds of commercial vehicle sales expected to be all-electric or plug-in hybrid by that date.

Share:

In this article:

Industries:
Information Technology
Consumer Discretionary

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.