Ford said its car lineup in Europe will be all-electric by 2030, as the US car maker races to get ahead of CO2 emissions targets and looming bans in some countries on fossil fuel cars. 

The carmaker said it will invest $1 billion over the next 30 months to convert its vehicle assembly plant in Cologne, Germany, to become the US company's first electric vehicle facility in Europe. 

"This reinforces our commitment to the European region," Stuart Rowley, head of Ford's European operations, said during a news conference. 

Ford said its first European-built, all-electric passenger vehicle will be produced at the facility from 2023 and is considering building a second model there. 

The carmaker has a strategic alliance with Volkswagen, under which Ford will use its German partner's MEB electric vehicle platform to build some models. 

Rowley said the model out of Cologne will be the first to use Volskwagen's MEB platform. 

The second biggest US automaker said that by 2026 it will have electric versions of all its passenger cars on sale in Europe and that by 2030 two-thirds of its commercial vehicle sales in Europe will be fully electric or plug-in hybrids. 

The company said it will have plug-in hybrid or fully-electric versions of its entire commercial vehicle range available by 2024.

Ford currently dominates the US and European markets for gasoline-powered commercial vehicles with shares of 40% and almost 15%, respectively. 

The carmaker said its commercial vehicle business is "key to future growth and profitability."