Ford Motor said Tuesday it would launch eight electric vehicles (EV) in Europe this year, a vital step in its goal of reaching a majority of its total sales from EVs by the end of 2022.
The U.S. auto manufacturer is driving into EVs at a time when other brands internationally are racing to sever carbon dioxide emissions in order to comply with more rigorous environmental guidelines in the European Union.
Ford’s launches include electric models of the Kuga and Puma SUVs and the Mondeo sedan. The company further plans to launch nine different EVs by 2024 in Europe, including a brand new Mustang-inspired electric sports utility car in 2020.
The company revealed the models at the Frankfurt Motor Show in Germany and said it would join hands with six leading energy suppliers across Europe to provide home-charging wall box set up services.
The auto manufacturer, like its rivals, has been going through stagnant demand and rising costs as it invests billions of dollars in EVs, hybrid, and autonomous automobiles in efforts to increase sales.
The automaker’s European business has been shedding money for years, and the pressure to restructure its operations increased after rival General Motors (GM) raised profits by selling its European Opel and Vauxhall variants to France’s Peugeot SA.
In a proposal to cut development and manufacturing costs, Ford partnered with Volkswagen in July to collectively develop electric and self-driving automobiles.
VW decided to plow $3.1 billion into Ford’s Argo AI self-driving subsidiary; however, estimated it could gain up to $20 billion in revenue by sharing its MEB EV architecture with Ford in Europe.
Ford had said it expects to manufacture more than 600,000 electric autos in Europe over six years, sourcing parts and the vehicle bases from VW, helping each to cut costs.