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Ford (F) to Build E-Vans in Turkey, Revs Up EV Game in Europe
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Ford Motor Company (F - Free Report) recently announced that its next generation Ford Transit Custom range for the European market will go into production in Turkey in the first half of 2023. The range will include an all-electric model in addition to hybrid, mild hybrid and conventional engine versions.
All versions of the next generation Transit Custom will be built by Ford Otosan — Ford’s joint venture in Kocaeli in Turkey.
Additionally, Ford Otosan will also build Volkswagen’s (VWAGY - Free Report) one-tonne commercial vehicle as part of a startegic alliance between the two automakers.
Amid the heightening climate change concerns and tightening government regulations on CO2 emissions, automakers like Tesla (TSLA - Free Report) , General Motors (GM - Free Report) and many others have been rapidly shifting gears to electric vehicles (EV). Moreover, improving battery technology to provide greater range at lower costs and soaring e-commerce deliveries amid the pandemic have spurred the demand for commercial EVs.
Amid this transforming scenario, Ford has vowed that by 2024 its entire commercial vehicle range will be carbon-neutral and by 2030, two-thirds of its commercial vehicle sales in Europe will be fully electric or plug-in hybrids. In fact, the company recently announced that it would invest $22 billion in electrification through 2025, nearly twice the amount it had previously committed to EVs.
Ford currently dominates the commercial vehicle market in Europe with a share of 15%. In 2020, the company retained its position as the leader in commercial vehicle sales in Europe for the sixth successive year. The trend has continued into 2021, with Ford maintaining its position as the continent’s best-selling commercial vehicle brand.
Moreover, the U.S.-based automaker considers its commercial vehicle business as key to future growth and profitability. The auto giant considers the Transit Custom range as the most crucial offering in its commercial vehicle lineup, which will help the company to strengthen its presence in Europe further and capitalize on the trending race to EV supremacy.
With the Transit Custom range being built at the Kocaeli plants, the facility will be transformed into Turkey’s first and only integrated production center for the assembly of EVs and batteries. The investment, which will span over a decade, will be the key to Ford’s future success in Europe’s EV market.
Ford Backs Out of Investment in Ohio Assembly
Ford has recently backed out on its contractual commitment to invest $900 million in its Ohio Assembly Plant in Avon Lake for an unnamed product line that instead will be produced in Mexico. The automaker’s decision has been heavily criticized by United Auto Workers (UAW).
Ford’s promised investment at the Ohio Assembly Plant was made during 2019 contract negotiations. The plant currently employs around 1,700 hourly workers producing Ford E-series vans and Super Duty pickup trucks.
Per UAW vice president and director Gerald Kariem’s recent letter, they totally renounce the company’s decision to put materiality and more potential profits over American job security and the future of its members. In fact, UAW has asked Ford officials to explain the decision but have received limited information so far.
Notably, shares of Ford have soared 149.3% in the past year, compared with the industry’s rally of 414.4%.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
Ford (F) to Build E-Vans in Turkey, Revs Up EV Game in Europe
Ford Motor Company (F - Free Report) recently announced that its next generation Ford Transit Custom range for the European market will go into production in Turkey in the first half of 2023. The range will include an all-electric model in addition to hybrid, mild hybrid and conventional engine versions.
All versions of the next generation Transit Custom will be built by Ford Otosan — Ford’s joint venture in Kocaeli in Turkey.
Additionally, Ford Otosan will also build Volkswagen’s (VWAGY - Free Report) one-tonne commercial vehicle as part of a startegic alliance between the two automakers.
Amid the heightening climate change concerns and tightening government regulations on CO2 emissions, automakers like Tesla (TSLA - Free Report) , General Motors (GM - Free Report) and many others have been rapidly shifting gears to electric vehicles (EV). Moreover, improving battery technology to provide greater range at lower costs and soaring e-commerce deliveries amid the pandemic have spurred the demand for commercial EVs.
Amid this transforming scenario, Ford has vowed that by 2024 its entire commercial vehicle range will be carbon-neutral and by 2030, two-thirds of its commercial vehicle sales in Europe will be fully electric or plug-in hybrids. In fact, the company recently announced that it would invest $22 billion in electrification through 2025, nearly twice the amount it had previously committed to EVs.
Ford currently dominates the commercial vehicle market in Europe with a share of 15%. In 2020, the company retained its position as the leader in commercial vehicle sales in Europe for the sixth successive year. The trend has continued into 2021, with Ford maintaining its position as the continent’s best-selling commercial vehicle brand.
Moreover, the U.S.-based automaker considers its commercial vehicle business as key to future growth and profitability. The auto giant considers the Transit Custom range as the most crucial offering in its commercial vehicle lineup, which will help the company to strengthen its presence in Europe further and capitalize on the trending race to EV supremacy.
With the Transit Custom range being built at the Kocaeli plants, the facility will be transformed into Turkey’s first and only integrated production center for the assembly of EVs and batteries. The investment, which will span over a decade, will be the key to Ford’s future success in Europe’s EV market.
Ford Backs Out of Investment in Ohio Assembly
Ford has recently backed out on its contractual commitment to invest $900 million in its Ohio Assembly Plant in Avon Lake for an unnamed product line that instead will be produced in Mexico. The automaker’s decision has been heavily criticized by United Auto Workers (UAW).
Ford’s promised investment at the Ohio Assembly Plant was made during 2019 contract negotiations. The plant currently employs around 1,700 hourly workers producing Ford E-series vans and Super Duty pickup trucks.
Per UAW vice president and director Gerald Kariem’s recent letter, they totally renounce the company’s decision to put materiality and more potential profits over American job security and the future of its members. In fact, UAW has asked Ford officials to explain the decision but have received limited information so far.
Ford currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Notably, shares of Ford have soared 149.3% in the past year, compared with the industry’s rally of 414.4%.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>