Renowned American automobile manufacturer, The Ford Motor Company, has reportedly announced that it plans to transform the entirety of its passenger vehicle range for Europe to all-electric by the end of this decade.

The automotive giant also stated that its commercial vehicle models would be 100% zero emissions capable, plug-in hybrid, or all-electric by 2024. The aforementioned move comes after the company reported a profit return in Europe during the fourth financial quarter of 2020.

According to reports, Ford claims that it would be investing over $22 billion (approximately £15.8 billion) globally towards its electrification initiatives by 2025, which is nearly double the firm's previous investment plans.

Ford Europe president, Stuart Rowley stated that the company has successfully restructured Ford Europe, which has returned back to profitability during the fourth financial quarter of 2020. Rowley further added that now the company is moving towards an all-electric future across Europe, with new, expressive vehicles as well as a connected customer experience that is world-class.

Supposedly, the company's plans comprise of a $1 billion cash boost intended to modernize its automobile assembly factory located in Cologne, Germany. The proposed investment would transform the company’s existing operations to handle the production of electric vehicles, making its Ford's first such manufacturing facility within Europe.

The company has apparently confirmed that the first all-electric, European-built, Ford passenger vehicle would be manufactured at the site starting 2023. According to Rowley, the company’s Dunton Technical Centre, located in Essex, UK, which is where its commercial vehicles are designed and engineered, would be strongly contributing and playing as crucial role in the proposed electrification of the vehicle range.

Rowley also stated that Europe is pioneering the electrification of the automobile industry and as more investments come, not only from Ford but also from the entire industry, the cost would be brought as scale is established.

However, as a consequence of the shift to electrification, further job losses are likely to be in the pipeline for the region.

Source credit: https://news.sky.com/story/ford-joins-motor-industry-race-to-all-electric-future-12220588