Ford doubles down on EVs in Europe with $2 billion push

Ford plans to introduce seven new electric vehicles in Europe as part of a $2 billion investment. The goal is to sell 600,000 battery-powered vehicles on the continent by the year 2026.

The news comes on the heels of Ford's announcement that it would be splitting its business into two parts, one focused on traditional gas-powered vehicles called Ford Blue and the other on electric vehicles and software called Ford Model e. All of Ford's passenger vehicles in Europe will be electric by the year 2030.

The first EV production line in Europe will be converted into a $1 billion plant in Cologne, Germany. The company says it will produce 1.2 million vehicles over the next six years.

There are three new passenger vehicles, including a sport SUV with a range of 500 km and an electric version of the company's Ford Puma, which will go into production at the company's plant in Craiova. The company didn't give any information about the third vehicle.

Ford will put electric versions of its vans into production. The company's first commercial EV, the E-Transit van, is going to be launched in Europe next quarter.

The new Ford electric vehicles signal the complete transformation of our brand in Europe, a new generation of zero-emission vehicles that offer our customers truly outstanding user experiences.

Ford plans to build a battery manufacturing plant in Turkey with a South Korean company. The two companies formed a joint venture to look into building a battery facility in the US. The company in South Korea supplies batteries for the Mach-E.

Ford is in a high-stakes race against its rivals as the auto industry struggles to catch up toTesla, the most valuable automaker in the world and the top seller of EVs. While Ford sells more F-series trucks every year than the entire output of Musk's company, investors have rewarded his vision of an all-electric future with a significantly higher share price.

Jim Farley is trying to change that narrative by showing that his company can compete. Ford recently announced that it was doubling production of its upcoming electric pickup truck, the F-150 Lightning, and tripling production for the mustang Mach-E, with the expectation that it will reach over 200,000 units per year by 2023. The E-Transit, Ford's electric delivery van, goes on sale early this year.