This morning, Ford revealed seven new EVs headed to Europe by 2024, which will help the automaker complete its goal of going all-electric in that region by 2030 or sooner. Those new models include the Ford Puma EV – which will enter production at the Ford Craiova Assembly Plant in Romania starting in 2024 – as well as the next-generation Transit Courier van and Tourneo Courier multi-purpose vehicle, which will also be built alongside the Puma EV at the Craiova Assembly Plant. Now, Ford Otosan – a joint venture equally owned by Ford Motor Company and Koc Holding – will assume ownership of that same plant, too.
The move – which is subject to regulatory approval and consultation – will turn over ownership of the Craiova plant and manufacturing business to Ford Otosan, one of the longest-running and most successful joint ventures in the global auto industry, which was established in its current form back in 1977 – in an effort to further boost the automaker’s electric and commercial vehicle capacity.
“We welcome this opportunity to grow our joint venture with Koc Holding and leverage this strategic partnership to better utilize our resources and know-how in Romania,” said Stuart Rowley, chair, Ford of Europe. “Ford Craiova is today a strong success story, and we believe that through Ford Otosan’s experience and expertise in electrification and commercial vehicles it can reach even higher levels of achievement.”
Ford has already begun the process of transferring the ownership of its Craiova plant, a transaction that is expected to be completed by Q3 of this year. The move is intended to allow Ford Otosan to expand its international footprint in terms of vehicle production, while also further supporting Ford’s electrification plans and recent decision to split its business into two distinct entities – Model e for EVs and Ford Blue for ICE-powered vehicles.