Ford Motor Company F shares are trading lower on Wednesday in the morning session.
The auto behemoth is preparing to manufacture the initial electric Explorer models in Europe this summer, Electrek reported.
The inaugural Ford Explorer EVs are reportedly projected to be in customers’ hands by August.
Furthermore, Ford envisions initiating the production of its second electric vehicle in Europe by the conclusion of 2024, the report read.
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Ford, having postponed the debut of its all-electric Explorer, aims to commence production in June, the report added. This marks a delay of approximately eight months from the initially anticipated timeline.
Following a delay of more than six months, Ford plans to initiate the construction of the Explorer EV in June, Electrek added, citing intercepts from German newspaper Automobilwoche.
A company spokesperson verified that the initial deliveries are now slated for August in Cologne, according to the report.
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Ford aims to commence series production of its second EV, utilizing VW’s platform, by late 2024. Cologne, home to Ford’s European headquarters, serves as the hub for vehicle development and production, the report read.
The electric Ford Explorer, positioned as a road-trip-ready mid-size SUV, features a sizable touchscreen, 470 liters of storage, and Ford’s advanced driver assist technology, it added.
In Europe, it will be offered in two trims – the Explorer and Explorer Premium. The starting price for the base trim is anticipated to be under $50,000 (€45,000).
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These new electric vehicles align with Ford’s strategy to transition to an all-electric lineup in Europe by 2035, comprising nine EV models, Electrek added.
The electric Explorer is envisioned as a pivotal player in achieving Ford’s ambitious target of selling 600,000 EVs annually in Europe by 2026.
Price Action: F shares are trading lower by 2.9% to $11.13 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
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