Ford's Europe car lineup to be all-electric by 2030

All Ford cars in Europe will be electric by 2030.

That's what the automaker said on Wednesday (February 17).

Like rival car companies, Ford is racing to get ahead of bans in many countries on fossil fuel vehicles.

It says it will invest $1 billion over the next two and a half years to convert its plant in Cologne, Germany into its first electric vehicle facility in Europe.

Ford said its first European-built, all-electric passenger vehicle will be made at the plant from 2023.

With the EU planning to go carbon-neutral by 2050, major carmakers have been forced to move towards more climate friendly models.

Last month, Ford rival General Motors said it aimed to have an entirely zero-emission lineup by 2035.

But developing new technology isn't simple, and also costly - meaning some major automakers have formed tie-ups with rivals to split costs and expertise - and Ford is no different.

The U.S. brand has a strategic alliance with Germany's Volkswagen to build EVs.

Ford said this month it was "doubling down" on connected electric vehicles.

The company also plans to invest $22 billion in electrification through 2025.

That's nearly twice what it had previously committed to the zero-emission vehicles.