Ford Turns To Europe For EV Expansion: To Launch 7 Models In 2 Years, Targets Selling Over 600,000 Units By 2026

Ford Motor Co F on Monday revealed plans to launch seven new electric vehicle models in Europe by 2024 and achieve sales of 600,000 EV units a year by 2026.

What Happened: Dearborn, Michigan-based Ford’s plan includes rolling out three new passenger EVs and four new commercial EVs in the region.

The legacy automaker reaffirmed plans to deliver a 6% EBIT margin in Europe in 2023 and a company-adjusted EBIT margin of 10%, saying it aims to sell more than 2 million EVs globally by 2026.

Ford said it will begin making the first medium-sized electric crossover next year in Cologne, Germany — where it is investing $2 billion — and add a second EV to the line-up in 2024. 

It is planning to set up with South Korea’s SK Innovation a mega battery assembly in Turkey, which is scheduled to start operations in 2024.

See Also: EXCLUSIVE: Ford Says Hedged Against Nickel Supplies For 'Next Few Years' To Support 'Ambitious EV Goals'

Why It Matters: Ford is rushing to play catchup with current global EV leader Tesla Inc TSLA and Germany’s Volkswagen Group VWAGY as they have a stronger foothold in the European market.

Earlier this month, Ford split its EV and gas-powered units into two separate divisions. 

The company also said it will now spend $50 billion by 2026 — up from a previously announced $30 billion investment through 2025 — towards its electrification drive. 

The plan also includes slashing $3 billion in structural costs by 2026.

Ford currently makes the Mach-E for the U.S. and the European market at a plant in Mexico. The automaker also sells the E-Transit commercial vans in Europe. 

Price Action: Ford stock closed 1.87% lower at $15.7 a share on Monday.

Photo courtesy: Ford Motor Co

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