Ford Motor announced plans to build the first-ever all-electric version of its F-150 pickup trucks, which will be available from mid-2022. The automaker has also started production of the new-generation F-150 trucks at its Michigan facility, and expects them to go on sale in November.
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In addition, Ford (F) plans to invest $700 million to build a new factory at the Rouge Complex to manufacture electric F-150 trucks. The Rouge Complex factory will add 300 new jobs.
Ford CEO Jim Farley said that “F-Series pickups are the backbone of work and productivity across the country. And now we are preparing to build a fully electric version of America’s most popular vehicle, and it will be a seriously capable, purpose-built tool for serious truck customers.” (See F stock analysis on TipRanks).
On Sept. 8, Evercore ISI analyst Chris McNally upgraded the stock to Hold from Sell and maintained a price target of $8 (9.9% upside potential), citing auto cycle and a roll-forward to 2022 valuations. He is also giving Ford the “benefit of the doubt” regarding new CEO Jim Farley’s restructuring efforts.
Currently, the rest of the Street is sidelined on the stock. The Hold analyst consensus is based on 8 Holds, 3 Buys, and 1 Sell. The average price target of $7.43 implies upside potential of about 2.1% to current levels. Shares have declined 21.7% year-to-date.
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