That's what the automaker said on Wednesday.

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

It says it will invest $1 billion over the next 2.5 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 you 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 line up by 2035.

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

The U.

S brand has a strategic alliance for 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.