Ford is vowing to convert its entire passenger vehicle lineup in Europe to electric power by 2030.
Ford will spend $1 billion to revamp its factory in Cologne, Germany and make it a base for production of battery powered cars using Volkswagen’s mechanical framework, said Stuart Rowley, president of Ford of Europe, during an online news conference .
The new electric car is to reach the market in mid-2023, and could be followed by a second one there in the future.
The agreement with Volkswagen announced Wednesday lets Ford take advantage of VW’s massive investment in electric cars.. The Volkswagen framework uses standard mechanical underpinnings such as the battery, suspension, wheels and axles that can be adjusted to manufacture different vehicle models. Volkswagen is already using the framework in its ID.3 compact and ID.4 sport-utility vehicle.
Ford expects two-thirds of its European commercial vehicle sales will be electric or plug-in hybrids by 2030.