Ford shares get jolt
Tesla and Rivian get most of the electric vehicle publicity, but Ford’s stock price has more than doubled in value this year, largely due to EV plans.
The company sold almost 22,000 Mustang Mach-E electric SUVs in the U.S. through October, and could sell 200,000 per year if it gets enough scarce computer chips to build them. About 160,000 people have made $100 refundable deposits on the F-150 Lightning electric pickup, delivered next spring. And Ford is starting to build early versions of the
E-Transit big electric van.
While Ford spends heavily on
EVs, it’s making money on gas-powered trucks and SUVs to fund the change. Consumer interest is strong for its products, including new electric vehicles, Argus Research analyst Bill Selesky wrote in an investor note. “We think that speaks volumes for future profit growth,” he wrote. The global chip shortage, as well as rising commodity prices, are among headwinds. The company is spending heavily on electric and autonomous vehicles. “We worry that extended chip shortages could limit the company’s upside potential for next year,” Deutsche Bank analyst Emmanuel Rosner wrote.
Ford electric vehicle announcements this year:
With partner SK Innovation, plans to build three electric vehicle battery factories in Kentucky and Tennessee, plus an EV assembly plant, all by 2025. Total Ford spending: $11.4 billion.
Expects 40% to 50% of its U.S and global sales to be fully electric by 2030.
Plans a new EV platform for a new generation of high volume vehicles. Includes Ford Explorer SUV with other family hauler SUVs with two and three rows of seats.
Plans additional electric cargo vans and pickup trucks from the new architecture.
Expects one-third of pickup truck sales to be fully electric by 2030.
Pledged to make entire passenger vehicle lineup in Europe electric by 2030.
Pledged to have entire Lincoln luxury brand be electric or gas-electric hybrid by 2030. Includes four fully electric vehicles.