Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
Trump’s Quantum Push Lifts IBM Stock as CEO Arvind Krishna Receives White House Praise 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
NTSB Investigates Boston Logan Airport Near-Miss Between Delta and American Airlines Jets 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
Alphabet Stock Slides as AI Talent Exodus and SpaceX Losses Shake Investor Confidence 
Baseten Secures $1.5 Billion Funding at $13 Billion Valuation Amid AI Infrastructure Boom 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
Oracle Cuts 21,000 Jobs as AI Reshapes Workforce and Cloud Expansion Accelerates 
SpaceX Stock Plunges 16% as KeyBanc Warns Valuation May Be Overstretched 
Trump Orders DOJ Investigation Into Exxon, Chevron Over High Gas Prices 
Ford Motor revealed this week that it is planning to phase out the production of its Mondeo car units in Europe. The automaker will stop making this model in early 2022.
As per Reuters, Ford made the decision to be able to focus on manufacturing more electric cars and SUVs. This is in line with the company’s goal of becoming all-electric by the year 2030.
Ford’s investments for the transition
Since the Mondeo sedans no longer fit with the company’s goal to go fully electric in less than ten years, Ford finds it best to just let go of the model. Thus, it will cease its production next year, so there will no more Mondeo for sale starting the latter part of next year.
The automaker further confirmed that it would only manufacture plug-in hybrids or all-electric cars in Europe, and these will all be passenger-type vehicles. Ford will introduce these vehicles by mid-2026 and leading to full EVs in the next four years from this point.
For this project and transition, Ford is investing a total of $22 billion. Apparently, the company will be spending heavily on this to achieve its electrification goal.
Ford’s other projects after phasing out the Mondeo sedans
In any case, Bloomberg Quint further reported that another reason why Ford is phasing out its Mondeo car line is to make battery packs. It was said that the company is planning to produce this at its plant in Spain.
As part of Ford Motor’s manufacturing strategy to produce more battery packs, it has to give up the Mondeo models. After this car is canceled, the company will proceed with its plan to make more batteries as well as hybrid engines. The productions will take place in its Spanish factory in Valencia.
From the allotted $22 billion investment, Ford will put in $6.2 million or €5.2 million in its Valencia plant. This is on top of the €24 million that was previously announced for funding the facility.
Aside from the batteries, Ford will also continue to make the Galaxy model and S-MAX crossover. Finally, the changes are part of the company’s move to overhaul its business in Europe.
