March 4, 2021

Ford to go all-electric by 2030 in EV-loving Europe

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","type":"post"},"children":[{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]},{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2958290,"alt":"Rising Interest Rates-Graph Concept","caption":"Rising interest rates could be a killer for stocks.","crops":[],"height":1920,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?quality=60&resize=60,40","postId":2958044,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","useBasicImg":false,"usingDataFallback":false,"width":2880,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]}]}]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles1","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":2}},"children":[]},{"name":"dianomi","config":{"type":"sidebar"},"children":[]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles2","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":3}},"children":[]}]},{"name":"article-media","config":{"publishDate":"","type":"video","section":"Auto"},"children":[{"name":"brightcove-video","config":{"accountId":"2111767321001","disableAds":false,"disableAutoplay":false,"disableContinuousPlay":false,"disableViewplay":false,"isLeadVideo":false,"loop":false,"playerId":"HDNR3TkSj","stickyPlayerOff":false,"silentlyAutoplay":true,"videoId":"6231757260001","section":"Auto"},"children":[]}]},{"name":"article-body","config":{"mediaType":"video","premiumCategory":"F-Wire"},"children":[{"name":"gutenberg-content","config":{},"children":[{"name":"html","config":{"content":" u003cp>Ford Motor Co. will drastically overhaul its business in Europe, where it didn’t sell a single fully electric vehicle last year, vowing to go almost entirely electric by the end of the decade.u003c/p> u003cp>One of the first steps in the transformation u003ca href="https://media.ford.com/content/fordmedia/fna/us/en/news/2021/02/17/ford-europe-goes-all-in-on-evs.html" target="_blank" rel="noreferrer noopener">announcedu003c/a> Wednesday will be to plow $1 billion into a German assembly plant that will start making an all-electric model in two years. By mid-2026, all passenger cars Ford sells will be plug-in hybrids or fully electric.u003c/p> u003cp>By 2030, Ford’s passenger-vehicle range will be completely all-electric -- one of the more demanding road maps among Europe’s major incumbent carmakers. Only its smaller but strategically important commercial-vehicle business will sell some vans and trucks that lack a plug by then.u003c/p> u003cp>“Consumers increasingly want us to go electric,” Ford Europe President Stuart Rowley said in an interview. “Our customers are very focused on sustainability and they want the brands and companies they work with to go on this journey with them.”u003c/p> u003cp>As ambitious as Ford’s plan is, it has less to lose in Europe after having substantially scaled back in the region. The company has taken more than $1 billion of structural costs out of local operations the last two years, closing five factories, selling another and eliminating more than u003ca rel="noreferrer noopener" href="https://www.bloomberg.com/news/articles/2020-08-12/ford-seizes-on-euro-rally-with-exports-of-explorers-and-mustangs" target="_blank">10,000 jobsu003c/a>. It fell behind u003ca href="https://fortune.com/company/toyota-motor/" target="_blank">Toyota Motoru003c/a> Corp. and Fiat Chrysler to rank ninth in sales last year, according to the European Automobile Manufacturers’ Association.u003c/p> u003cp>Chief Executive Officer Jim Farley is trying to turn the page on his predecessor Jim Hackett’s tenure that was focused on restructuring by putting Ford more on the offensive. Farley announced plans to almost double the automaker’s EV budget to u003ca href="https://www.bloomberg.com/news/articles/2021-02-04/ford-beats-wall-street-profit-estimates-boosts-ev-spending" target="_blank" rel="noreferrer noopener">$22 billionu003c/a> through the middle of this decade just after u003ca href="https://fortune.com/company/general-motors/" target="_blank">General Motorsu003c/a> Co. said it aims to sell only zero-emission models u003ca href="https://www.bloomberg.com/news/articles/2021-01-28/gm-commits-to-sell-only-electric-zero-emission-vehicles-by-2035" target="_blank" rel="noreferrer noopener">by 2035u003c/a>.u003c/p> u003cp>Ford shares rose as much as 2.1% before the start of regular trading in New York. The stock has jumped 31% this year, u003ca href="https://www.bloomberg.com/news/articles/2021-01-21/electric-car-mania-propels-record-legacy-automaker-gains-in-2021" target="_blank" rel="noreferrer noopener">drivenu003c/a> by optimism about its shift to EVs.u003c/p> u003ch2>Cologne Plansu003c/h2> u003cp>Ford’s investment in Cologne, Germany, will modernize its 90-year-old plant, one of the largest manufacturing complexes in Europe. The automaker will share more details in the coming months on its plans for the facility, which makes Fiesta small cars. It will continue production of that model in parallel with a new EV for some time before eventually going all-electric.u003c/p> u003cp>Europe u003ca rel="noreferrer noopener" href="https://www.bloomberg.com/news/articles/2020-11-18/europe-s-mix-of-shoves-and-sweeteners-hastens-electric-car-shift" target="_blank">became the epicenteru003c/a> of EV adoption last year, with carmakers selling more fully electric and plug-in hybrid vehicles there than in China for the first time. The surge was driven by u003ca rel="noreferrer noopener" href="https://www.bloomberg.com/news/articles/2019-06-26/europe-s-tough-new-emissions-rules-come-with-39-billion-threat" target="_blank">stricter emissions standardsu003c/a>, u003ca rel="noreferrer noopener" href="https://www.bloomberg.com/news/articles/2020-11-17/germany-s-embattled-auto-industry-looks-to-merkel-for-a-restart" target="_blank">subsidiesu003c/a> that helped the industry recover from pandemic-related disruptions and introductions of new models to meet u003ca rel="noreferrer noopener" href="https://www.bloomberg.com/news/articles/2020-09-18/carmakers-cry-foul-as-eu-s-climate-plan-takes-aim-at-industry" target="_blank">even more stringentu003c/a> rules in the coming years.u003c/p> u003cp>Ford needed help complying with Europe’s CO2 limits last year because of u003ca href="https://www.bloomberg.com/news/articles/2020-10-13/ford-delays-launch-of-plug-in-escape-suv-after-european-fires" target="_blank" rel="noreferrer noopener">fire issuesu003c/a> with the plug-in hybrid version of its Kuga sport utility vehicle. It reached a deal in October to u003ca href="https://www.bloomberg.com/news/articles/2020-10-29/ford-joins-up-with-volvo-to-meet-european-environmental-rules" target="_blank" rel="noreferrer noopener">pool its fleetu003c/a> with u003ca href="https://fortune.com/company/volvo/" target="_blank">Volvou003c/a> Cars.u003c/p> u003cp>A partnership with u003ca href="https://fortune.com/company/volkswagen/" target="_blank">Volkswagenu003c/a> AG will help Ford electrify its fleet going forward. The companies announced u003ca href="https://www.bloomberg.com/news/articles/2019-07-11/vw-said-to-invest-in-ford-backed-argo-ai-at-7-billion-valuation" target="_blank" rel="noreferrer noopener">in 2019u003c/a> that they would expand an alliance formed the year before to also include joint work on EVs and self-driving technology. Ford said then it would build at least one mass-market battery car in Europe starting in 2023 based on VW’s modular platform, known as MEB.u003c/p> u003cp>Sharing costs will be key to Ford keeping its earnings momentum going in the region, where the company came close to its long-term target for a u003ca href="https://www.bloomberg.com/news/articles/2019-01-10/ford-is-resigned-to-underwhelming-profit-even-after-europe-cuts" target="_blank" rel="noreferrer noopener">6% profit marginu003c/a> in the fourth quarter. Ford Europe’s $414 million of earnings before interest and taxes was the company’s best quarterly showing in more than four years.u003c/p> "},"children":[]},{"name":"html","config":{"content":"u003ch3>u003cspan style="font-weight: 400;">More must-read u003c/span>u003ca href="https://fortune.com/section/tech/">u003cspan style="font-weight: 400;">tech coverageu003c/span>u003c/a>u003cspan style="font-weight: 400;"> from u003c/span>u003ci>u003cspan style="font-weight: 400;">Fortuneu003c/span>u003c/i>u003cspan style="font-weight: 400;">:u003c/span>u003c/h3>nu003cul>nu003cli>You aren’t alone: u003ca href="https://fortune.com/2021/02/27/scam-calls-robocalls-phone-scams-car-warranty-calls-traced-act/">Why Americans will receive 48 billion robocalls this yearu003c/a>u003c/li>nu003cli>u003ca href="https://fortune.com/2021/03/01/instagram-live-rooms-zoom-streaming-facebook/">Instagram’s new streaming featureu003c/a> looks a lot like Zoomu003c/li>nu003cli>u003ca href="https://fortune.com/2021/03/02/author-interview-cal-newport-book-world-without-email/">Can we really banish email from the workplace?u003c/a> Author Cal Newport says yesu003c/li>nu003cli>How u003ca href="https://fortune.com/company/microsoft/" target="_blank">Microsoftu003c/a> plans to u003ca href="https://fortune.com/2021/03/02/how-microsoft-virtual-augmented-reality-mesh-azure-oculus/">give virtual reality apps a big boostu003c/a>u003c/li>nu003cli>PlayStation is u003ca href="https://fortune.com/2021/03/02/playstation-stopping-movies-tv-show-sale-rentals-ps5/">killing its on-demand video serviceu003c/a>u003c/li>nu003c/ul>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/02/17/ford-all-electric-ev-europe-2030/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> Source

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