Ford Motor unveiled its first E-Transit, a fully electric cargo van, as the automaker intends to become carbon-emissions-free by 2050. The E-Transit will be sold at starting price of $45,000.
“E-Transit is part of a Ford investment in electrification of more than $11.5 billion through 2022,” the company commented in a statement. Ford (F) plans to launch its all-electric Mustang Mach-E later this year, and said that the all-electric F150 will start hitting dealers in mid-2022.
The company said that its 2022 E-Transit van “is the first all-electric cargo van from a full-line automaker in North America and offers a choice of eight configurations including three roof heights and three lengths, plus chassis cab and cutaway models.” It also has a “powerful electric motor targeting 266 horsepower/198 kilowatts of power and 317 lb.-ft. of torque.”
Ford’s CEO Jim Farley said “Ford is North America and Europe’s commercial truck and van leader, so the transition of fleet vehicles to zero emissions, especially for the fast-growing last-mile delivery segment, is critical to achieve our carbon neutrality goal by 2050.” He added that “We are doubling down on software and digital services to help our fleet customers grow and more efficiently run their businesses.” (See F stock analysis on TipRanks)
On Nov. 3, Jefferies analyst Philippe Houchois raised the stock’s price target to $9.50 (15.7% upside potential) from $8.50 and maintained a Buy rating. The analyst said that the company’s “two successive and very material” quarterly profit and cash-flow beats are a positive sign under Ford’s new management.
He added that the new CEO Jim Farley and CFO John Lawler have “so far provided a refreshingly clear and direct message,” and he sees improved product contribution from key replacements and launches scheduled next year.
Meanwhile, the rest of the Street is sidelined on the stock . The Hold analyst consensus is based on 8 Holds, 4 Buys and 1 Sell. The average price target stands at $8.84 implying upside potential of about 7.7% to current levels. Shares have declined by about 11.7% year-to-date.
Related News:
Ford Targets Sale Of 100,000 Hands-Free Cars In First Year
Fiat Chrysler, Engie Join Forces For E-Mobility Joint Venture
Airbus Inks Deal With Germany For 38 Eurofighter Typhoons; Street Sees 10% Downside
