Ford Motor Co. (F) is launching seven new vehicle models in Europe by 2029 as it races to compete against Chinese rivals that have gained an edge in the continent’s automotive market.
Five of Ford’s new models will be passenger cars, including a small electric car and a small electric SUV model that will be built at a Renault plant in France.
Ford is looking to expand in Europe once again. A decade ago, Ford was Europe’s number four automaker, selling more than one million vehicles a year across the continent.
However, it has since largely abandoned Europe, closing manufacturing plants in Germany and cutting jobs as it focused on North American sales of its cars and trucks.
Consequently, Ford sold 426,000 vehicles in Europe last year and fell to eighth place among automotive companies.
Ford is now trying to revive its fortunes in Europe as a number of Chinese automakers, including BYD (BYDDF) and Chery, are aggressively expanding with rapidly growing sales.
By way of comparison, Ford’s European sales grew 0.1% in Europe last year, while BYD’s sales grew 270% year-over-year.
Ford also plans to focus on the sale of its commercial vehicles in Europe, where it maintains a strong presence.
The company said it plans to launch a Ranger Super Duty pick-up truck in Europe for use in emergency services, forestry, mining, and the military.
Ford is also launching later this year a fully electric transit van designed for urban transport and commercial deliveries.
F stock has risen 21% in the past 12 months to trade at $13.03 U.S. per share.
