Volkswagen, Ford deepen electric vehicle cooperation

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Summary

  • Ford to double production volume on MEB platform
  • Ford to produce second electric vehicle for Europe
  • Agreement builds on existing Ford-VW cooperation

FRANKFURT, March 14 (Reuters) – Volkswagen (VOWG_p.DE) on Monday said it has deepened its e-mobility partnership with Ford (F.N) under which the U.S. carmaker will produce a second electric vehicle for the European market based on its German rival’s platform.

As part of the expanded cooperation, Ford will double its planned volume of vehicles to be produced based on Volkswagen’s modular electric-drive platform, known as MEB, to 1.2 million units over a six-year time frame.

 “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.”

Ford’s first model to use the MEB platform will be an all-electric crossover, to be produced at Ford’s Cologne plant from 2023.

The carmaker, which earlier this month said it will boost spending on electric vehicles to $50 billion through 2026, has not provided any details on the second model.

Reporting by Christoph Steitz Editing by Miranda Murray