Ford announced, it will invest US$1 billion to transform its car assembly plant in Cologne, Germany

Ford announced recently that it will invest US$1 billion to transform a car assembly plant in Cologne, Germany into its first electric vehicle manufacturing center in Europe.

Ford Europe President Stuart Rowley stated that the construction of the Cologne electric vehicle production center is the company’s largest investment in Cologne’s history.

Cologne is one of Ford’s largest production centers in Europe, as well as Ford’s headquarters in Europe. Ford’s $1 billion investment in building an electric car factory in Cologne is only a small part of the company’s overall plan to promote the electrification of cars.

The company hopes to invest USD 22 billion globally for the development and industrialization of electric drive technology.

Ford confirmed that from 2023, the company will produce its first ‘European-made, European customers, mass-produced all-electric passenger car’ at the new plant, and is considering producing a second all-electric car at the new plant.

In the next few years, Ford is very eager to take a share of the growing electric vehicle market. Previously, foreign media reported that the company will invest $11.5 billion in the electrification of new models, including electric versions of Mustang Mach-E and F-150 pickups.

The company intends to launch more than 30 new models or major redesigned models in China by the end of 2021, and more than one-third of the models will be electric vehicles.

(Via)