Ford Motor Company announced plans to invest an additional $180 million in its Halewood EV powertrain facility in northern England....
What happened
As a globally recognized automaker, Ford has been quite proactive in its transition to becoming an all-electric automotive brand. Its Mustang Mach-E has found great success in multiple markets, while its F-150 Lightning pickup continues to roll out in the US amid years of backlogged orders.
Why it matters
Even thought the American automaker only has a few EV models on the current market, its intentions to deliver many more have been quite public. Although we may not know what we will see from Ford next or when, we have seen plenty of evidence of the company gearing up EV component production behind the scenes.
In October, Ford announced a $280 million investment to transform its Halewood transmission facility to instead build electric power units for future European Ford passenger and commercial EVs. Production of those components is scheduled to begin in 2024. However, Ford has just announced an additional investment in Halewood to further support European EVs.
Ford shared news of its additional investment in Halewood via a press release this morning, which will include another $180 million to provide EV powertrains to 70% of European Ford models by 2026. Ford states the additional funding will increase annual production at the plant to 420,000 units per year, up from 250,000 previously (about 70%).
This news brief is based on reporting published by Electrek on 2022-12-01. The original report is linked below.
Electrek
https://electrek.co/2022/12/01/ford-invests-180m-in-powertrain-plant-to-supply-european-evs/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
