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.