FORD MOTOR COMPANY

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Ford, Volvo, Call For EU Petrol Car Sales Ban From 2035

05/17/2022 | 05:27am EDT

By Maitane Sardon


A coalition of companies, including the European subsidiary of Ford Motor Co. and Sweden's Volvo AB, is calling on the EU to ban the sale of new petrol and diesel vehicles from 2035 and establish mandatory charging infrastructure targets.

The group, which includes companies from sectors such as energy, transport and consumer goods, sent a letter to MEPs and Ministers on Tuesday asking them to support the rules proposed by the European Commission, the EU's executive arm, to set 2035 as the deadline for phasing out the sale of new combustion engine cars and vans in Europe.

"Over a dozen car brands have voluntarily pledged to only sell electric cars in Europe in the next decade; we need European decision-makers to... ensure laggards don't delay the market shift," the companies said in the letter, which was organized by non-profit Transport & Environment.

The measures will determine whether Europe is on track to meet its net-zero emissions goal by midcentury and fulfill its obligations under the Paris Agreement on climate change, they said.

The signatories, which also include Spain's Iberdrola SA and Sweden's Vattenfall Group, also urged the EU to establish mandatory targets on public charging points for electric vehicles.


Write to Maitane Sardon at maitane.sardon@wsj.com


(END) Dow Jones Newswires

05-17-22 0727ET

Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.59% 160.66 Delayed Quote.-23.82%
FORD MOTOR COMPANY 1.71% 11.32 Delayed Quote.-45.50%
IBERDROLA, S.A. -0.68% 10.27 Delayed Quote.-0.67%
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Financials (USD)
Sales 2022 144 B - -
Net income 2022 4 380 M - -
Net cash 2022 14 562 M - -
P/E ratio 2022 13,0x
Yield 2022 3,53%
Capitalization 45 504 M 45 504 M -
EV / Sales 2022 0,21x
EV / Sales 2023 0,17x
Nbr of Employees 183 000
Free-Float 98,0%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 11,32 $
Average target price 18,20 $
Spread / Average Target 60,8%
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Managers and Directors
James D. Farley President, CEO, Director & President-Model E
John T. Lawler CFO-Ford Asia Pacific & Africa
William Clay Ford VP & Head-Commercial Truck Vehicle Center
Douglas Field Chief Advanced Technology Officer
Michael R. Amend Chief Digital & Information Officer
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