Ford says it will phase out gasoline-powered vehicles in Europe.
Ford Motor became the latest automaker to accelerate its transition to electric cars, saying on Wednesday that its European division would soon begin phasing out standard gasoline-driven vehicles. By 2026, the company will offer only electric and plug-in hybrid models.
The plan is part of a bid to generate steady profits in Europe, where Ford has struggled for years, as well as to meet rapidly rising emissions standards in the European Union.
“We successfully restructured Ford of Europe and returned to profitability in the fourth quarter of 2020,” Ford President of Europe Stuart Rowley said in a statement. “Now we are charging into an electric future.”
Ford and other automakers are moving more quickly electric vehicles In Europe than in the United States. Last year, the European Union began imposing fines on carmakers that do not comply with limits on carbon dioxide emissions, forcing them to sell more electric cars.
Ford said it planned to spend $ 1 billion to produce electric vehicles at its main European plant in Cologne, Germany. Ford said that the first new model should go into production in 2023.
All distribution vans and commercial vehicles manufactured by Ford of Europe will be electric or plug-in hybrids by 2024, and the full range of its vehicles will be electric or plug-in hybrids two years later.
Last month General Motors It was targeted to produce only electric vehicles by 2035, but GM has driven everyone out of Europe, selling its Opel division to Frances Peugeot SA in 2017. Peugeot recently merged with Fiat Chrysler and is now known Stellantes.