Ford will spend $1 billion to revamp its factory in Cologne, Germany, and make it a base for the production of battery-powered cars using Volkswagen’s mechanical framework, said Stuart Rowley, president of Ford of Europe, during an online news conference this week.
The new electric car is to reach the market in mid-2023 and could be followed by a second one there in the future.
The agreement lets Ford take advantage of Volkswagen’s massive investment in electric cars as the industry shifts toward zero-local emissions vehicles.
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