FRANKFURT: US carmaker Ford on Monday unveiled plans for seven new electric models in Europe, a battery-assembly site in Germany and a nickel cell manufacturing joint venture in Turkey as part of an aggressive electric vehicle (EV) push on the continent.
"Our march toward an all-electric future is an absolute necessity for Ford to meet the mobility needs of customers across a transforming Europe," said Stuart Rowley, chair, Ford of Europe.
Ford said it would introduce three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024, adding it plans to sell more than 600,000 EVs in the region by 2026.
This, Ford said, would help it reach its global goal of selling more than 2 million EVs a year and achieving an adjusted operating profit margin of 10% by 2026, part of a broader $50 billion investment push to kick-start electrification.
Ford unveils new structure as it speeds electric car push
As part of its push, Ford deepend its existing partnership with Volkswagen under which the US carmaker will produce a second electric vehicle for the European market based on its German rival's platform.
Ford will double its planned volume of vehicles to be produced based on Volkswagen's modular electric-drive platform, known as MEB, to 1.2 million units over a six-year time frame.
This will include investments of $2 billion at Ford's Cologne site in Germany as well as a new battery assembly facility scheduled to start operations in 2024.
Ford also said it has signed a non-binding memorandum of understanding with SK Innovation unit SK On Co. and Koc Holding for a joint venture to manufacture high nickel NMC cells for assembly into battery array modules.
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