Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
CATL Shares Fall as Hungary Plant Faces Safety Halt 
Nvidia Pauses AI Cloud Financing Deals Amid Antitrust Concerns 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Google Changes EU Spam Policy Amid Antitrust Scrutiny 
Apple’s Phil Schiller Steps Back as Leadership Shake-Up Accelerates 
The Realist’s Case: Lukas Kerrebijn of RD Dubai on the Narrative Dubai’s Agents Won’t Question 
Jefferies Names AMEC Top China Semiconductor Equipment Pick 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Amazon Shares Fall as FTC Plans Ad Pricing Lawsuit 
Pinterest Stock Falls as CFO Julia Brau Donnelly Resigns 
France Targets Shein, Temu With Fast-Fashion Fees 
Trump Secures Drug Pricing Deals With Nine Pharma Companies 
MediaTek Shares Jump 10% on Nvidia’s $3.5 Billion Investment 
Honda, Nissan Eye Shared Vehicle Software Platform by 2029 
OpenAI Nears Astra AI Model Launch With Safety Focus 
OpenAI Rejects Apple Trade Secret Theft Claims 
Add as a preferred source on Google
Ford Motor revealed this week that it is planning to phase out the production of its Mondeo car units in Europe. The automaker will stop making this model in early 2022.
As per Reuters, Ford made the decision to be able to focus on manufacturing more electric cars and SUVs. This is in line with the company’s goal of becoming all-electric by the year 2030.
Ford’s investments for the transition
Since the Mondeo sedans no longer fit with the company’s goal to go fully electric in less than ten years, Ford finds it best to just let go of the model. Thus, it will cease its production next year, so there will no more Mondeo for sale starting the latter part of next year.
The automaker further confirmed that it would only manufacture plug-in hybrids or all-electric cars in Europe, and these will all be passenger-type vehicles. Ford will introduce these vehicles by mid-2026 and leading to full EVs in the next four years from this point.
For this project and transition, Ford is investing a total of $22 billion. Apparently, the company will be spending heavily on this to achieve its electrification goal.
Ford’s other projects after phasing out the Mondeo sedans
In any case, Bloomberg Quint further reported that another reason why Ford is phasing out its Mondeo car line is to make battery packs. It was said that the company is planning to produce this at its plant in Spain.
As part of Ford Motor’s manufacturing strategy to produce more battery packs, it has to give up the Mondeo models. After this car is canceled, the company will proceed with its plan to make more batteries as well as hybrid engines. The productions will take place in its Spanish factory in Valencia.
From the allotted $22 billion investment, Ford will put in $6.2 million or €5.2 million in its Valencia plant. This is on top of the €24 million that was previously announced for funding the facility.
Aside from the batteries, Ford will also continue to make the Galaxy model and S-MAX crossover. Finally, the changes are part of the company’s move to overhaul its business in Europe.
