Ford Motors reached today a new 52-week high and topped $100B of Market Cap value for the first time ever. As of 11:50 A.M, shares are jumping +5.50% to $25.87, an impressive record from $3.96 – when the Covid-19 Pandemic started affecting the world, back to March 2020.
This uptrend have been fueled by Fords’ plans to increase production of electric vehicles, including the Mustang Mach-E crossover and an upcoming electric version of its best-selling F-150 pickup that is expected in Q2. Last week, the company said it plans to “nearly double” annual production capacity of its upcoming electric F-150 pickup to 150,000 vehicles per year at a plant in Michigan.
“The reception of this vehicle has been absolutely incredible,””Kumar Galhotra, Ford president of the Americas and international markets
Spak and team point to near-term headwinds on Ford that include pricing pressure amid elevated costs and some recent weakness in shares of Rivian for which it has a sizable stake in. The Detroit automaker is reported to have a 12% stake in RIVN
Ford ($F) was the most traded stock of the day with 185.78M of Volume. The second position is occupied by Vinco Ventures ($BBIG) with 145M shares traded.
Recently, BofA Securities (Bank of America) analyst John Murphy raised the Ford price target to $26 a share, up from $22, citing the automaker’s production increase. In a note to investors, he called it “an encouraging proof point” in the company’s previously announced Ford+ turnaround strategy.
One day before General Motors, Ford Motors is scheduled to reveal an electric version of its Chevrolet Silverado. The pickup is expected to compete more directly with the F-150 Lightning than its GMC Hummer EV, which recently started shipping to consumers. The Silverado sales will start only next year.