Ford is investing $ 1 billion in a plant in Cologne

The American carmaker Ford has announced that it will spend one billion dollars on the modernization of its plant in Cologne, Germany, and its transformation into a European plant for the production of electric vehicles. It wants to produce electric cars in Cologne since 2023. The company informed about it on Wednesday. Ford has promised to offer fully electric or hybrid versions of all passenger cars in Europe from 2024, and from 2030 all its vehicles sold on the European market will be fully electric. The carmaker's investment by 2025 is one of the most significant Ford has made in more than a generation and "emphasizes our commitment to Europe and the modern future," said Stuart Rowley, Ford's chief for Europe. The carmaker stated that the investment in the plant in Cologne, which employs more than four thousand people, comes after its European business returned to profitability in the fourth quarter of 2020.