FRANKFURT, Germany — Ford is vowing to convert its entire passenger vehicle lineup in Europe to electric power by 2030 in just the latest sign of the seismic technological changes sweeping the auto industry.
Ford will spend $1 billion to revamp its factory in Cologne, Germany and make it a base for production of battery powered cars using Volkswagen’s mechanical framework, said Stuart Rowley, president of Ford of Europe, during an online news conference Wednesday.
The new electric car is to reach the market in mid-2023, and could be followed by a second one there in the future.
The announcement comes just a month after U.S. rival General Motors
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