Ford Motor Co. Plans to Invest $2 Billion in EV Production

Ford Motor Co. is planning to invest $2 billion to produce two new electric vehicles in Germany along with an electric car battery plant in Turkey under its drive to produce solely electric vehicles in Europe by 2035.

The announcement comes after Ford announced earlier this month that it would split its automotive manufacturing business into two parts, one is to continue manufacturing traditional internal combustion engine vehicles and the other is to manufacture electric vehicles. Ford expects electric vehicles to account for half of the global sales by 2030.

The conversion of production to electric vehicles will proceed faster in Europe than in the USA. Ford's European business plans to discontinue production of vehicles powered solely by internal combustion engines and produce only electric vehicles and vans by 2035.

The president of Ford’s European business, Stuart Rowley has said that the company will launch seven new fully electric vehicles by 2024. These vehicles will all be produced in Europe. 

The first EV, which will be a sport crossover model, of the company is set to go into production at its plant in the German city of Cologne next year. A second fully electric model is also planned at the facility.

Both the vehicles will be produced by using the technology that the company licenses from Volkswagen AG. Ford plans to double the number of electric vehicles to be produced in Europe as part of their alliance to 1.2 million.