BERLIN, Feb. 17 (Xinhua) -- Ford would invest one billion U.S. dollars in the modernization of its vehicle production site in the German city of Cologne, the U.S. carmaker announced on Wednesday.
With the investment, the U.S. carmaker would expand its Cologne site, one of its largest manufacturing centers in Europe, to develop and produce electric vehicles for the European market, according to a statement.
"Our announcement today to transform our Cologne facility, the home of our operations in Germany for 90 years, is one of the most significant Ford has made in over a generation," Stuart Rowley, president of Ford of Europe, in a statement.
Mass production of all-electric passenger vehicles for the European market is scheduled to start in the Cologne site in 2023, according to the U.S. carmaker.
The technical development of the new Ford electric vehicle would also take place in a facility in Cologne. As part of the strategic alliance with Germany's largest carmaker Volkswagen, Ford would build on Volkswagen's Modular Electric Drive Kit (MEB) in the development of the vehicle.
Germany's Minister for Economic Affairs Peter Altmaier welcomed in a statement Ford's investment decision. The decision "once again confirms the qualities that Germany has as a location for electro-mobility -- from the battery cell to the finished car," said Altmaier. Enditem
