: Ford to go all electric in Europe by 2030 #FinanceIndia #StockMarketNEWS #Business Frankfurt: Ford announced a major push into electric vehicles in Europe, vowing to convert its entire passenger car

@StockMarketNEWS Thu 18 Feb, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

Ford to go all electric in Europe by 2030 #FinanceIndia #StockMarketNEWS #Business
Frankfurt: Ford announced a major push into electric vehicles in Europe, vowing to convert its entire passenger car lineup on the continent to electrics by 2030.

Ford will spend USD 1 billion to revamp its factory in Cologne, Germany and make it a base for production of zero local emission cars using Volkswagen’s mechanical framework, said Stewart Rowley, president of Ford of Europe, during an online news conference Wednesday.

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 lets Ford take advantage of Volkswagen’s massive investment in electric cars as the industry shifts toward zero-local emissions vehicles.

The Volkswagen framework uses standard mechanical underpinnings such as the battery, wheels and axles that can be adjusted to manufacture different vehicle models. The moves are part of Ford’s push to offer fully electric or plug-in gas-electric versions of all passenger vehicles in Europe by 2024, with all European vehicles going to full electric by 2030. The company also predicted that two-thirds of its European commercial vehicle sales will be electric or plug-in hybrids by 2030.

“We are going all in on electric vehicles,??? Rowley said.

Carmakers in Europe must sell more electrics to meet new, lower limits on emissions of carbon dioxide, the main greenhouse gas blamed for global warming.

The new limit, which took effect at the start of the year, is part of the European Union’s efforts to comply with the 2015 Paris agreement on global warming. If manufacturers don’t hold fleet average emissions below the limit, they face heavy fines. Rowley said Ford was in a position to avoid the fines going forward.

The company also predicted that two-thirds of its European commercial vehicle sales will be electric or plug-in hybrids by 2030.
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