Sometimes the news about a company can surprise you. Today was the day for legacy automaker Ford (F) to do just that. It is working on a new car for the NASCAR circuit, and this one will be particularly unusual in that it is an electric car. Yes, an electric stock car is apparently in the works, and Ford investors seemed not at all pleased. Shares were down around 1.5% in Friday afternoon’s trading.
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Ford’s electric NASCAR prototype, reports note, is based on the Mustang Mach-E, which should surprise no one. The prototype features a range of noteworthy design points, starting with the carbon fiber body panels and going on from there. In fact, reports note, Ford pulled a lot out of its current lineup of NASCAR cars for the prototype Mach-E, including the suspension, the steering, the brakes and the wheels.
But that is not where Ford’s expansion ends. Keeping to both its “no boring vehicles” and “Porsche of off-road” pledges, Ford is also working on an electric vehicle that will take on the 2025 Pikes Peak International Hill Climb. Also based on the Mach-E, early reports say that this has a substantial wing and “…fenders that look wide enough to slap a house number on.”
The Hypercar Program
Not enough for you? Well, get your seatbelt back on because there is actually more involved here. Ford has a Hypercar program in the works, though that will not bear fruit until 2027, reports note. Ford is joining the FIA World Endurance Championship Hypercar category, with an eye on both the title and a fifth victory at Le Mans, reports note.
This actually is a call-back to long ago days of Ford, when it took on the event in a big way back in the 1960s. Ford actually won said race four times running between 1966 and 1969, the reports noted. Ford’s executive chair, Bill Ford, noted that this was “…a new era for performance and racing at Ford,” which keeps, again, to the “no boring cars” and “Porsche of off-road” ethos nicely.
Is Ford Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on F stock based on one Buy, six Holds and three Sells assigned in the past three months, as indicated by the graphic below. After a 11.63% loss in its share price over the past year, the average F price target of $10.47 per share implies 4.28% upside potential.
