Why Ford and Renault will make cheap EVs together
What's the story
Ford and Renault have announced a strategic partnership to develop two affordable electric vehicles (EVs) under the Ford brand. The move comes as part of Ford's European transformation strategy, which is aimed at making it more agile and cost-efficient in the face of competition from cheaper Chinese vehicles. The first two models are expected to hit the European market by 2028.
Production details
Ford to lead design, Renault to assemble
Ford will take lead in designing the new EVs, while Renault will be responsible for their assembly at its factory in northern France. The vehicles will be based on Renault's Ampere technology platform. The companies have also agreed to "explore" collaboration on light commercial vehicles.
Market focus
Ford CEO emphasizes importance of European market
Ford CEO Jim Farley has stressed the importance of the European market in the global transformation of the auto industry. He said, "As an American company, we see Europe as the frontline in the global transformation of our industry." Farley added that how they compete, innovate, partner and invest here would set a precedent for future generations.