Ford to launch 7 new electric vehicles in Europe by 2024 with help from Volkswagen
Ford doubling planned production of electric crossovers using VW tech
FOX Business Flash top headlines for March 14
Here are your FOX Business Flash top headlines for March 14.
Ford will introduce seven all-new electric vehicles in Europe by 2024, the automaker announced Monday.
Ford will have a lineup of nine electric vehicles in Europe by 2024. (Ford)
The plan includes doubling the number of vehicles it will build in partnership with Volkswagen. The collaboration was originally confirmed for 600,000 units of a single crossover over six years but will now add a second model with the same target volume.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.81 | +0.09 | +0.79% |
| VWAGY | VOLKSWAGEN AG | 8.7399 | -0.14 | -1.58% |
The lineup of new models will include four minivans, an electric version of the Ford Puma subcompact SUV and what are described as a Sport Crossover and Medium-size Crossover, the last two using Volkswagen's MEB platform.
Ford will offer two electric crossovers built on VW's MEB platform alongside the Mustang Mach-E and electric Puma. (Ford)
Teaser images released with the news show the relative size of the vehicles but no further details. Ford currently sells the Mustang Mach-E in Europe and will be adding the E-Transit this year.
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Ford will build the VW-based models at its factory in Cologne, Germany. (Ford)
Ford said the Medium-size Crossover will enter production at its Cologne, Germany, factory in 2023 with the Sport Crossover joining it the following year. Neither is currently slated for export to the U.S.
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"Our march toward an all-electric future is an absolute necessity for Ford to meet the mobility needs of customers across a transforming Europe," said Stuart Rowley, chair, Ford of Europe. "It’s also about the pressing need for greater care of our planet, making a positive contribution to society and reducing emissions in line with the Paris Climate Agreement."
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Batteries for some of the vehicles are scheduled to be supplied from a joint venture operation being established by Ford, SK On. Co. and Koç Holding in Ankara, Turkey.