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Oil Rally Fueled By OPEC Production Shortfall

Oil Rally Fueled By OPEC Production Shortfall

The gap between OPEC’s commitment…

Ford To Go All-Electric In Europe By 2030

Ford Motor Company became the latest automaker to target an all-electric lineup, saying on Wednesday that it would move to all-electric passenger vehicles in Europe by 2030.

“Ford today is taking a significant step forward in its European transformation with a commitment to go all-in on its electric passenger vehicles and to substantially grow and electrify its leading commercial vehicle business,” the automaker said in a statement.

Ford announced that by the middle of 2026, all its passenger vehicle range in Europe will be zero-emissions capable, all-electric or plug-in hybrid, and will be completely all-electric by 2030.

The commercial vehicle range in Europe will also be 100-percent zero-emissions capable, all-electric or plug-in hybrid, by 2024, while two-thirds of commercial vehicle sales are expected to be all-electric or plug-in hybrid by 2030.

To support its all-electric ambitions in Europe, Ford will invest $1 billion to modernize its vehicle assembly facility in Cologne, Germany, one of its largest manufacturing centers in Europe and the home of Ford of Europe. Ford will transform the existing assembly operations to manufacturing electric vehicles. Ford’s first European-built, volume all-electric passenger vehicle for European customers will be produced at the Cologne factory from 2023.

Ford has recently said that it would invest at least $22 billion globally in electrification through 2025, nearly twice its previous EV investment plans.

Ford’s ‘all-electric in Europe’ announcement comes weeks after GM said it was going all-in toward an all-electric future, aiming to eliminate all tailpipe emissions from new light-duty vehicles by 2035 as part of a wider strategy to become a carbon-neutral business by 2040.

Earlier this week, Jaguar said it would become an all-electric make from 2025.

“By the middle of the decade, Jaguar will have undergone a renaissance to emerge as a pure electric luxury brand with a dramatically beautiful new portfolio of emotionally engaging designs and pioneering next-generation technologies,” the chief executive of Jaguar Land Rover, Thierry Bolloré, said in a strategy update.   

By Charles Kennedy for Oilprice.com

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