American automaker Ford will invest $ 1 billion in Germany over the next two and a half years to launch production of the first purely European electric model.
The all-electric Ford, which the group is developing with the help of its German partner VW, will go on sale in Cologne in early 2023.
“We are taking the first step on our journey into the world of electricity,” said Ford Europe chief Stuart Rowley at a press conference on Wednesday.
Rowley also announced the complete retirement of Ford Europe from the world of internal combustion engines.
"In 2030, only electric motors operating exclusively on batteries will be used for cars," he stressed.
As a first milestone, Ford will have only partially electrified models by mid-2026 and no new internal combustion engine models.