The automaker said it would gradually move to electric cars over the next decade.
By 2024, the company’s range of commercial vehicles will be zero-emissions, all-electric or hybrid-electric.
By mid-2026, 100 percent of its passenger car lineup will be emission-free, all-electric or hybrid-electric.
By 2030, Ford expects two-thirds of its commercial vehicle sales to be fully electric or plug-in hybrids, while all passenger cars sold will be powered by electric batteries.
This news comes on the heels of Ford’s announcement that it is increasing its investment in electric and autonomous cars to $ 29 billion.
The carmaker had previously committed to spending $ 11.5 billion on electrifying its car range until 2022, and is now spending twice that amount while extending the schedule to 2025.
In 2019, the company struck a deal with Volkswagen to use the German car giant’s modular electric vehicle platform.
Volkswagen‘s MEB platform serves as the basis for the 15 million electric cars that the car manufacturer aims to sell.
Ford said it was using the platform to design and build at least one car in Europe starting in 2023.
Ford aims to deliver more than 600,000 European cars using the MEB platform over a six-year period, and the move helps Ford comply with European government mandates that drive electric vehicles and stringent emissions standards.
Many European countries have set targets to ban conventional gasoline-powered cars and trucks, with Norway targeting 2025, France and the UK for 2040 and 2050, respectively.
Ford is keeping up with other vintage carmakers after it just started delivering its much-anticipated Mustang Mach-E to customers late last year.
It is noteworthy that Ford is not the only car manufacturer that has significantly increased its bet on electricity, as General Motors said late last year: It is heading to spend $ 27 billion on electric and self-driving cars until 2025.