BERLIN— Ford Motor Co. said it would invest $1 billion in a new electric vehicle production facility in Germany, the latest in a string of similar ann
BERLIN— Ford Motor Co. said it would invest $1 billion in a new electric vehicle production facility in Germany, the latest in a string of similar announcements by global auto makers that are shifting away from combustion engines.
Ford’s move to begin production of its first European-built all-electric passenger car in 2023 is part of a broader plan to double the company’s spending on development of electric vehicles over the next five years.
Most of the car industry’s well-known brands have dramatically increased investment into electric vehicles as the broader automotive industry begins in earnest to phase out traditional engines and shift almost entirely to electric vehicles and hybrids over the next decade.
“Our announcement today to transform our Cologne facility… is one of the most significant Ford has made in over a generation. It underlines our commitment to Europe and a modern future with electric vehicles at the heart of our strategy for growth,” Stuart Rowley, president of Ford’s European business, said.
General Motors Corp. said last month that it would phase out production of gasoline-powered vehicles by 2035, echoing similar plans by Volkswagen AG , Europe’s biggest automotive producer.