Ford Motor Co (NYSE: F) plummeted over around 17% in previous trading session on in order to compete with other electric van companies like Arrival SA and win over commercial clients in Europe, the company presented a new electric Courier van.

The electric Courier is one of many updated small business van models for the European market, along with gasoline and diesel versions, according to Ford. According to Ted Cannis, president of Ford Pro, the new Courier vans will be able to carry higher loads since they are 25% larger than the existing model.

According to Cannis, the electric Courier will cater to European business clients who operate in places like Paris where officials have outlined intentions to outlaw combustion cars from city cores. The Courier electric will debut the following year.

Cannis noted that the transition to electric vehicles is not occurring as quickly in Europe. “It’s radically varied from nation to country,” he remarked. New vehicles for the Petrol Couriers portfolio will debut this summer.

Market by market, you must mix and match all available possibilities, he added. It is why it is so distinctive for novice players.

Cannis said that Ford anticipates that many commercial fleet clients in the US would be eligible for $7,500 in tax credits if they purchase electric Transit vans. As of April 18, according to new U.S. government regulations, Ford announced the tax credit for retail purchasers of electric Transit vans will be reduced to $3,750.

Ford and the accounting firm Ernst & Young are working together to inform commercial clients in the United States of their eligibility for $7,500 tax credits under the Inflation Reduction Act.