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Ford to spend $1B to switch German factory to electric cars

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DETROIT – Ford says it will spend $1 billion to modernize its Cologne, Germany, manufacturing center, converting it into a European electric vehicle factory.

The factory will build an undisclosed electric passenger vehicle in 2023, and it may build a second one in the future, the company said Wednesday.

Ford pledged to offer fully electric or plug-in gas-electric versions of all passenger vehicles in Europe by 2024, with all European vehicles going to full electric by 2030.

The company also predicted that two-thirds of its European commercial vehicle sales will be electric or plug-in hybrids by 2030.

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