Feb. 17, 2021—Ford announced today that it intends to invest $1 billion to transform its production factory in Cologne, Germany, into its electric vehicle factory and "center," reports Electrek. 

"The investment will transform the existing vehicle assembly operations into the Ford Cologne Electrification Center for the manufacture of electric vehicles, Ford's first such facility in Europe," the automaker said in a press release. 

This announcement comes just weeks after the automaker said it would invest $29 billion into electric and autonomous vehicles through 2025.