Legacy U.S. automakers such as Ford Motor and General Motors should leave the China market to preserve capital amid the costly electric vehicle (EV) transition, a leading auto analyst said on Tuesday.
Ford on Tuesday shipped out a batch of cars manufactured at its Hermosillo plant in the northern Mexican state of Sonora from the nearby Guaymas port, in a pilot project that aims to reduce logistics costs by some 30%, according to Sonora Governor Alfonso Durazo.
General Motors, Ford Motor and Stellantis should exit the Chinese market "as soon as they possibly can," Bank of America's top automotive analyst said Tuesday. The rise of local Chinese automakers such as BYD and Geely has put growing pressure on the companies.
Ford plans further job cuts in Germany, Spain and the U.K., the head of the worker's council for the US automaker in Germany told Reuters on Tuesday.
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A report says Ford is losing more than $100,000 on each EV. Ford is reducing spending on EV plans by $12 billion.
SSL, F and HHS made it to the Zacks Rank #1 (Strong Buy) value stocks list on June 18, 2024.
In the closing of the recent trading day, Ford Motor Company (F) stood at $11.85, denoting a +1.2% change from the preceding trading day.
Over the past several years, EVs have taken front-stage in the news. While large-scale adoption of electrification has yet to materialize, the rapid improvement of technology and manufacturing, especially in low-cost areas like China, has been a leading driver behind the growing pace of EV acceptance.
Ford Motor (F) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
24/7 Insights Ford Motor Co. (NYSE: F) will allow all its dealers to sell electric vehicles.
Ford stock (NYSE: F) currently trades at $12 per share, about 52% below the levels seen on January 15, 2022 (pre-inflation shock high), and it seems like it has some room for growth. Ford saw its stock trading at around $11 at the end of June 2022, just before the Fed started increasing rates, and has gained around 8% since then.