- Ford Motor Company (NYSE: F) invested $1 billion in an electric vehicle (EV) production facility in Cologne, Germany, to turn its entire passenger vehicle range in Europe “zero-emissions capable, all-electric or plug-in hybrid” by the mid of 2026, with a “completely all-electric” offering by 2030, CNBC reports.
- The company will convert the existing Cologne assembly plant into an EV facility. “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.
- The business aspires to turn its commercial vehicle segment in Europe to zero-emissions capable, plug-in hybrid or all-electric by 2024.
- President Biden’s heightened focus on renewable energy has acted as strong catalysts for EV with much-anticipated stimulus and tax credits.
- Tesla Inc (NASDAQ: TSLA) is credited for pioneering the EV revolution.
- Earlier this week, India’s Tata Motors Ltd (NYSE: TTM) owned Jaguar Land Rover disclosed its plans of turning the Jaguar brand into all-electric from 2025 and launch six “pure electric variants” over the next five years.
- South Korea’s Kia Motors Corporation (OTC: KIMTF) declared its plans to debut in EV this year.
- Germany’s Volkswagen Group AG (OTC: VLKAF) invested $42.3 billion (€35 billion) in battery EVs with plans of launching 70 all-electric models by 2030.
- Last month, Daimler AG (OTC: DDAIF) (OTC: DMLRY) CEO acknowledged that the automotive industry was “in the middle of a transformation.” Daimler
- Price action: F shares are up 0.35% at $11.58 in the pre-market session on the last check Wednesday.
- Image Courtesy: Wikimedia
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
