(Reuters) – Ford Motor Co said on Tuesday it would launch eight electric vehicles in Europe this year, is an important step in the goal of a majority of the total sales of electric cars by the end of 2022.
FILE PHOTO: The Ford logo is seen on the Ford is the oldest of Brazil factory, São Bernardo do Campo, Brazil, on September 3, 2019. (REUTERS photo/Rahel Patrasso
With the start of the electric versions of the Kuga, and Durable sport utility vehicles and the Mondeo sedan. The automaker is also planning to launch 15 new electric vehicles by 2024 in Europe, including a new Mustang-inspired by an electric SUV next year, too.
The automaker revealed its models at the Frankfurt motor show in Germany, and said that it would partner with six leading energy suppliers in Europe offer a home charging wall box installation services.
The automaker, like its rivals, is facing a slow-down in demand and a rise in costs as it invests billions of dollars in electric, hybrid electric, autonomous vehicle, in efforts to boost sales.
The company’s European business has been losing money for a number of years, and with the restructuring of the business has increased after arch-rival, General Motors increased its profits from the sale of its European Opel and Vauxhall brands in France, Peugeot SA.
In an effort to slash development and production costs, Ford has tied up with Volkswagen’s <AG VOWG_p.DE> with the development of the electric and self-driving cars.
VW have agreed to plow $3.1 billion in Ford ” s Dream AI, self-driving unit, but it is estimated it could achieve up to $20 billion in revenues by the share of its COMMITTEE electric vehicle architecture by Ford in Europe.
Ford has said that it is expected that the construction of more than 600,000 electric cars in Europe for more than six years, and the sourcing of components of the vehicle’s underpinnings with VW, help to reduce costs.
The partnership with VOLKSWAGEN on an electric vehicle, in Europe, it is a part of Ford’s previously stated $11.5 billion in EV investments around the world.
The challenges of investing in low-emission vehicles, as the need for the development of internal combustion engines, in order to comply with new clean-air regulations have forced european car manufacturers to slash fixed costs and streamlining their model portfolios.
The company will also be introducing a smart phone application that allows users and operators, to locate, to navigate, and will have to pay for the charge.
Ford has said that it expects that its electric vehicle line-up will exceed the sales of the petrol and diesel models by 2022 in Europe, and it expects to sell 1 million of electric vehicles by then. (a little bit.m/2m2uZA7)
Reporting Sanjana Shivdas in Bengaluru; Editing by Saumyadeb Chakrabarty