GOING ALL-IN ON EVS: COLOGNE SITE BEGINS $1 BILLION TRANSFORMATION.
At Ford, we are taking a significant step forward in our European transformation, with a commitment to go all-in on electric passenger vehicles, and to substantially grow and electrify our leading commercial vehicle business.
Today, we committed that by mid-2026, our entire passenger vehicle range in Europe will be zero emissions capable, all-electric or plug-in hybrid, and will be completely all-electric by 2030.
Similarly, our entire commercial vehicle range will be zero emissions capable, all-electric or plug-in hybrid, by 2024, with two-thirds of our commercial vehicle sales expected to be all-electric or plug-in hybrid by 2030.
The news comes after we reported, in the fourth quarter of 2020, a return to profit in Europe. And we announced planned investment of at least $22 billion globally in electrification through 2025, nearly twice our previous EV investment plans.
Central to the transformation of our operations in Europe over the past two years were: a $1 billion improvement in structural costs; addressing underperforming markets; the creation of a more targeted vehicle line-up within three customer-focused business groups; and partnerships to drive growth and improved levels of profitability across the business.
COLOGNE $1 BILLION INVESTMENT
Spearheading the advance into an all-electric future is a new $1 billion investment to modernise our vehicle assembly facility in Cologne, Germany, one of our largest manufacturing centres in Europe and the home of our European operations. The investment will transform the existing vehicle assembly operations into the Ford Cologne Electrification Centre for the manufacture of electric vehicles: our first such facility in Europe.
We also confirmed that our first European-built, volume all-electric passenger vehicle for European customers will be produced at the facility from 2023, with the potential for a second all-electric vehicle to be built there under consideration.
This is a transformative time for Ford and the entire motor industry. We're excited about the future and look forward to sharing more about our electrification plans, as well as progress at the Cologne site, with you over the coming months.