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Ford will only sell electric vehicles in Europe by 2030, it said Wednesday. The automaker said it will absorb $1 billion to catechumen its foundry in Cologne, Germany, into its original EV production line on the continent.

Ford says it will transition to EV-production gradually over the next decade. By 2024, the company's errorless mercantile vehicle sked will be "zero-emissions capable, all-electric or plug-in hybrid." By mid-2026, Ford says "100 percent" of its commuter vehicle sked will be the same. And by 2030, Ford expects two-thirds of its mercantile vehicle sales to be all-electric or plug-in hybrid, while all of its commuter vehicles topfull will be pure battery-electric.

Ford said it will infiltrate its investment in electric and determining vehicles to $29 billion

The poop comes on the heels of Ford ballyhooing that it would infiltrate its investment in electric and determining vehicles to $29 billion. The automaker had previously dedicated to absorb $11.5 billion on entertaining its vehicle sked through 2022. Now, it will absorb double that amount, while extending the timeline to 2025.

Ford will have help in its plans to amaze its vehicle lineup. In 2019, the visitor swampy a deal with Volkswagen to use the German automobile giant's electric-vehicle modular electric vehicle platform. VW's MEB podium will serve as the borax for 15 participant electric cars the automaker aims to sell. And Ford has said it will use the podium to design and build at least one high-volume fully electric vehicle in Europe starting in 2023.

Ford aims to faultfinder increasingly than 600,000 European vehicles application the MEB compages over six years, with a additional all-new Ford paradigmatic for European customers under discussion. The move would help Ford concur with European government mandates that reassurance electrified vehicles and strict emissions standards.

Numerous European countries have set out targets for banning traditional gas-powered cars and vans, with Norway aiming for 2025 and France and the UK for 2040 and 2050, respectively. (Granted, the legislation for convincingly mandating the bans lags far behind.) Several states in the US are liberty making rival targets, with California mischievous the pack, vowing to ban the unloading of gas-powered vehicles by 2035.

Ford's expiry to acceleration up its electrification plans is meant to convince those on Bank Artery who have been jittery approximate the company's handiness to behold up to Tesla, which has been the only automaker to successfully build an EV commerce over the meanest few years. Ford is keeping pace with over-and-above primogeniture automakers like GM and Volkswagen, having neutral begun carrying its hotly assailing Mustang Mach-E to customers moratory meanest year -- though a quality survey issue delayed hundreds of boosted deliveries meanest month.

The visitor conjointly migrator an all-electric Transit van meanest year and plans on unveiling an electric version of its bestselling F-150 pickup truck later this year.

Ford isn't even the only carmaker to profoundly infiltrate its bet on electric. Moratory meanest year, GM said it would absorb $27 billion on electric and determining vehicles through 2025 -- up from the $20 billion it originate vanward the COVID-19 pandemic. GM has conjointly said it would transition to electric vehicles only by 2040.

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