2023-03-21 09:01:23 ET
Ford Motor ( NYSE: F ) unveiled its first electric vehicle made exclusively for the European market on Tuesday. The Detroit automaker said it combined German engineering and striking American style to bring the well-known Explorer nameplate to the European electric vehicle market later this year.
The Explorer EV crossover is part of Ford's ( F ) overarching plans to be all-electric in Europe by 2030. At this time, Ford ( F ) has no plans to offer the midsize electric crossover in the U.S.
The electric Explorer will have the ability to fast charge from 10% to 80% in just 25 minutes and access close to 500K charging points across Europe by next year. The new Explorer will be available as rear-wheel drive and all-wheel drive variants. Ford ( F ) also said the all-electric Explorer offers an "outstanding" digital experience with a fully loaded infotainment system, 15-inch movable screen, wireless app integration, and advanced driver assistance.
Of note, the electric crossover will leverage the Volkswagen ( OTCPK:VLKAF ) MEB platform at Ford’s factory in Cologne, Germany.
Shares of Ford Motor ( F ) moved up 1.70% premarket on Tuesday to $11.37.
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Ford brings an all-electric Explorer to European markets