🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Ford delays European Explorer production

EditorAmbhini Aishwarya
Published 05-09-2023, 06:00 pm
© Reuters.

On Monday, Ford Motor (NYSE:F) shared that they're pushing back the production of their long-awaited Explorer SUV in Cologne by about six months. The reason behind this move, as explained by Ford's Germany chief, is to wait for the new generation of Volkswagen (ETR:VOWG_p) battery tech to become available.

The chief mentioned in an interview at Munich's IAA car show that production is set to kick off in the summer of the following year. The German head also mentioned that talks were in progress to figure out the implications for the workforce in Cologne.

The American car manufacturer currently offers two fully electric SUVs and an e-Transit van in Europe. However, they have ambitious plans with seven new models slated for release by 2024, including two manufactured in Cologne and one in Romania. According to Martin Sander, the Ford Model e Europe General Manager, production of the second new model in Cologne, which is also based on Volkswagen's MEB platform, will start a few weeks after the first one.

Ford hasn't established precise production targets for these new models yet. According to Sander, they won't initially utilize the full capacity of the Cologne plant, which has the capability to produce 250,000 vehicles. Instead, they plan to gradually increase production in response to the growing demand for electric vehicles.

Shares of F are up 0.08% in premarket trading Tuesday.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.