Ford to invest $315M to build electric car parts at England plant

 Ford to invest $315M to build electric car parts at England plant
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Ford Motor Co. is planning to invest more than $315 million to turn a transmission factory in England into a plant that will build electric car parts for cars and trucks sold through Europe, The Associated Press reported.

Ford announced on Monday that it will begin producing power units that would replace the engine and transmission used in internal combustion engines. 

The carmaker said that by mid-2024, its capacity for power units is planned to be around 250,000 units a year.

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Ford also said the new investment includes support from the British government as it has become one of the United Kingdom’s largest exporters, shipping unit parts to more than 15 countries on six continents, according to the AP. 

The announcement comes as Ford intends to sell all-electric passenger vehicles in Europe by 2030 with two-thirds of the commercial vehicle sales expected to be all-electric or plug-in hybrids by that time. 

In a statement, Ford’s European president, Stuart Rowley, called the investment “an important step,” the AP noted. 

“This is an important step, marking Ford’s first in-house investment in all-electric vehicle component manufacturing in Europe,” Rowley said.