US automaker Ford is planning launch seven new electric vehicle models in Europe. Ford also plans to set up a battery assembly plant in Germany. In addition, Ford will also establish a nickel cell manufacturing joint venture in Turkey, as part of strengthening its electric vehicle production base in Europe.
“Our journey to an all-electric future is an absolute necessity for Ford to meet the changing mobility needs of customers across Europe,” said Ford Europe Chairman Stuart Rowley.
In the near future, Ford said it will introduce three new electric passenger vehicles and four new electric commercial vehicles in Europe by 2024. The company aims to sell more than 600,000 electric vehicles in Europe by 2026.
Ford's renewed strategy for the European market comes shortly after they announced a $50 billion investment push for electrification projects. Ford has also announced it will separate its electric vehicle unit from its internal combustion engine business.
Ford is known to expand its partnership with Volkswagen. Ford will produce electric vehicles for the European market based on Volkswagen's MEB platform. With this collaboration
Ford plans to make 1.2 million vehicles using the MEB platform within six years. Ford also announced a $2 billion investment in the Ford Cologne site in Germany as well as a new battery assembly facility slated to start operating in 2024.
Ford also said it had signed a non-binding memorandum of understanding with SK On Co, a unit of South Korea's SK Innovation, and Turkey's Koc Holding for a joint venture to manufacture high-nickel NMC cells for assembly into battery array modules.
Under the strategy update, Ford Otosan, Ford's joint venture with Koc Holding, will buy the US automaker's factory in Craiova, Romania for 575 million euros (630 million US dollars) to further increase its electric and commercial vehicle capacity.