Ford Motor Co. on Jan. 16 said it will invest €42 million in its Spanish manufacturing plant in the city of Valencia to support its electrification efforts in Europe.
The U.S. carmaker said the investment will go toward the construction of two new battery assembly lines, which are scheduled to begin operations in September. These lines will produce advanced lithium-ion batteries for the all-new Kuga Plug-In Hybrid, all-new Kuga Hybrid, and new S-MAX Hybrid and Galaxy Hybrid. The S-MAX Hybrid and Galaxy Hybrid models are slated for release in 2021.
The company also plans to introduce 14 electrified models in Europe by the end of 2020.
Ford said it has spent €3 billion in its Valencia facility since 2011. Apart from the electrified vehicles, Ford also produces the Mondeo Hybrid and Mondeo Hybrid wagon models at the Valencia plant.