Frequently, when it comes to new car releases—and legacy automaker Ford (F) is no visible exception—we hear about sport utility vehicles (SUVs) and pickup trucks, with an increasing side of electric vehicles (EVs). But when was the last time you heard about a new convertible? That may be about to change as a report from The Autopian revealed. It did not, however, capture investors’ imaginations, as Ford shares were down over 1.5% in Tuesday afternoon’s trading.
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The Autopian has been running with this concept for a while now, looking for the return of the “…affordable, comfortable and family-friendly convertible” for some time now. While some solutions were advanced, not all of them were, perhaps, well-received. However, there was one point that stuck out in the report, and that was the Ford Maverick.
The market, the report notes, has been in the doldrums for some time now, and the market has not been so limited “…since the late seventies when manufacturers thought they were about to be banned.” But the Maverick has a unique design to it that could make it a surprising winner in the convertible stakes. Better yet, it is a pickup, so Ford is already turning them out in substantial numbers, driven by a market that loves pickups perhaps only slightly less than it loves SUVs. So by adding the option for a convertible top to the Maverick pickup line, perhaps Ford could break into a whole new market.
Meanwhile in Electrics
Yesterday, we also heard about Ford extending its free home charger program. This news came at an excellent time, as a report from Ford Authority filled us in on a new patent coming out. The new patent is for a “charger success monitoring system,” and the report suggests it may be included with future Ford electric vehicles.
The system offers a way to more readily connect drivers with charging locations, allowing users to tell where the best charging speeds and availability are according to their current location. The system would be able to factor in what kind of car was being driven, and what its individual attributes were, before making a recommendation. This would be particularly useful for those driving in unfamiliar areas and looking for a recharge point.
Is Ford Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on F stock based on three Buys, seven Holds and three Sells assigned in the past three months, as indicated by the graphic below. After a 12.73% loss in its share price over the past year, the average F price target of $10.31 per share implies 5.91% upside potential.
