Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Innovent Biologics Shares Rally on New Eli Lilly Oncology and Immunology Deal 
Ford is shelling out $1 billion to achieve its goal of going “all-electric” in Europe by the year 2030. Part of the fund will be spent on the modernization of its plant in Germany, where the electric cars are set to be manufactured.
Ford’s latest investment to go “all-electric”
As per CNN Business, the plant in Cologne, Germany, will become Ford’s main production facility as it commits to go all-out and produce EV cars only in the coming years. The plan was revealed on Feb. 17, and it was mentioned that the full range of Ford vehicles that will be made in Europe will be “zero-emissions capable, all-electric or plug-in hybrid.”
The automaker is hoping to build this type of car by mid-2026 before finally going completely all-electric in 2030. For starters, the factory in Cologne will be renovated to fit with the needs for building EV cars. The units that will be made here will be Ford’s first European-built electric vehicles.
“We successfully restructured Ford of Europe and returned to profitability in the fourth quarter of 2020,” Stuart Rowley, Ford Europe president, said via press release. “Now we are charging into an all-electric future in Europe with expressive new vehicles and a world-class connected customer experience.”
He added, “We expect to continue our strong momentum this year in Europe and remain on track to deliver our goal of a six percent EBIT margin as part of Ford’s plan to turnaround our global automotive operations.”
Why Ford is shifting to electric cars
Rowley stated that while one of the reasons for Ford’s decision to shift is the stricter regulations on vehicles, the company also saw the changing preference of the consumers. He said that since buyers have shown heightened interest and desire to drive EV units, then their goal is to satisfy their wants.
Moreover, as countries worldwide are planning to move away from gasoline and diesel-powered vehicles for a cleaner and greener environment, Ford clearly saw the need to change and go with the transformation. Besides, other major automakers have also started to shift to EV cars.
"Consumers are rapidly moving in that direction," Ford Europe’s chief told CNN. “Every electric offering sees very strong demand.”
