Ford to work with VW to go all electric in Europe by 2030

Ford is vowing to convert its entire passenger vehicle lineup in Europe to electric power by 2030 in just the latest sign of the seismic technological changes sweeping the auto industry.

Ford will spend $1 billion to revamp its factory in Cologne, Germany, and make it a base for production of battery powered cars using Volkswagen’s mechanical framework, said Stuart Rowley, president of Ford of Europe, during an online news conference Wednesday.

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 announcement comes just a month after U.S. rival General Motors said its entire global fleet would largely be electric by 2035. Breaking with more than a century of producing internal combustion engines, GM revamped its corporate logo in the likeness of an electric plug.

The speed of the transformation at GM and Ford underline a revolution in the auto sector, pushed by regulators seeking to limit emissions. Automakers are simultaneously moving toward digital technology such as smartphone apps and advanced driver assistance systems, with the ultimate goal of fully autonomous vehicles.

The agreement with Volkswagen announced Wednesday lets Ford take advantage of VW’s massive investment in electric cars.. The Volkswagen framework uses standard mechanical underpinnings such as the battery, suspension, wheels and axles that can be adjusted to manufacture different vehicle models. Volkswagen is already using the framework in its ID.3 compact and ID.4 sport-utility vehicle.