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Ford is the latest automobile maker to announce ambitious new targets to switch to all-electric production of its cars by 2030 in Europe.
The U.S. company said on Wednesday it is taking a “significant step forward in its European transformation,” with a commitment to go all-in on its electric passenger vehicles and to “substantially grow and electrify” its leading commercial vehicle business.
Read: Tesla gets big boost over plans for first European factory
Ford F, -0.56% committed that by mid-2026, 100% of its passenger vehicle range in Europe will be capable of zero-emissions, be all-electric or plug-in hybrids, and will be completely all-electric by 2030.
Ford has reported in the fourth quarter of 2020 that its European region returned to profit, and announced it was investing at least $22 billion globally in electrification through 2025, nearly twice its previous EV investment plans.
Stuart Rowley, president of Ford of Europe, said: “We successfully restructured Ford of Europe and returned to profitability in the fourth quarter of 2020. Now we are charging into an all-electric future in Europe with expressive new vehicles and a world-class connected customer experience.
“We expect to continue our strong momentum this year in Europe and remain on track to deliver our goal of a 6% EBIT [earnings before interest and taxes] margin as part of Ford’s plan to turnaround our global automotive operations.”
Ford has a strategic alliance with Volkswagen VOW, -0.11%, where it will build some models using VW’s electric-vehicle platform.
The move comes as auto makers attempt to comply with challenging new carbon dioxide emissions targets, as some countries ban vehicles powered by high-polluting fuels.
Earlier this week, Jaguar Land Rover, owned by India’s Tata Motors, announced its plans to achieve a zero-emission goal.
The premium Jaguar marque will be all-electric by 2025, and there will be electric models of its entire range by 2030.
Data released last week showed Europe overtook China in the number of electrically-chargeable vehicles that had been registered.
Read: Electric-car sales jump to record 54% market share in Norway in 2020 but Tesla loses top spot
In 2020, as many as 1.3 million units were registered in Europe, compared with 1.2 million in China, according to the International Energy Agency. Norway has the highest number of electric vehicles that can be plugged in, known as PEVs.
Electric-car sales jumped to a record 54% of all new-vehicle sales in Norway last year, but Tesla’s TSLA, -1.63% Model 3 lost its place as the country’s bestselling vehicle, despite a late surge.
