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The electric crossover will sit below the Ford Mustang Mach-E in the American automaker’s auto lineup and is slated to be built at the company’s state-of-the-art plant in Cologne, Germany.
German multinational automotive manufacturer, Volkswagen Group (ETR: VOW3) has deepened its electric vehicle cooperation with American multinational automobile manufacturer, Ford Motor Company (NYSE: F) with plans for the latter to develop a number of EVs based on Volkswagen’s modular electric-drive platform known as MEB.
As reported by Reuters, the partnership will see Ford create as many 1.2 million vehicles over the next six years, a figure that will double the plans Ford has over the next few years. Per the Reuters report, the first Ford model to use the Volkswagen MEB platform will be the all-electric crossover, a close mimic of the Volkswagen ID4 model.
“Profitability and speed are now crucial for finally achieving the breakthrough of e-mobility in Europe. We are tackling both together with Ford,” Volkswagen management board member Thomas Schmall said. “Today’s agreement will further accelerate the electrification of the two companies.”
The electric crossover will sit below the Ford Mustang Mach-E in the American automaker’s auto lineup and is slated to be built at the company’s state-of-the-art plant in Cologne, Germany. While the first product is slated to be built in 2023, the Volkswagen-Ford partnership is bound to see the next electric vehicle hit the factory for production by the following year.
As detailed by the British car review platform AUTOCAR, the new electric vehicle production will be based on the Volkswagen ID5, with a stern emphasis on performance, bearing semblance to its tag as a “Sport Crossover” vehicle. As detailed by Stuart Rowley, a British engineer, and the head of Ford of Europe, the new Ford cars will look nothing like Volkswagen even though the production is hinged on the German side’s technology.
“Let me assure you these these products will absolutely look like Fords, drive like Fords and the experiences that we provide will give customers unique purchase and ownership experiences,” he said.
Volkswagen and Ford Partnership, Addressing CO2 Emission Concerns
The emergence of electric vehicles is notably targeted as solving the Carbon-di-Oxide emissions from all man-made mobility systems, a business model that has given major industry competitors like Tesla Inc (NASDAQ: TSLA) a very clear advantage.
The cooperation between the duo of Volkswagen and Ford is an avenue to combine cutting-edge technologies and human capabilities in order to address the incidence of CO2 emissions moving forward. With over 100 years in business, Ford has notably transitioned from one generation of technology to the other and is set to expend over $50 billion through 2026 in its electric vehicle production drive.
Besides the earmarked funds for EV production, Ford is also planning to revamp the technical soundness of the Cologne factory with about $1.2 billion funding. As part of its plans to contribute its quota to this EV race, Ford will go beyond its partnership with Volkswagen and establish a battery plant in Turkey in collaboration with SK On Co Ltd and Koc Holding, an establishment that will serve as “one of Europe’s largest commercial vehicle production facilities.”