Ford Motor Company (NYSE:F) said that a battery fire in one of its vehicles was the reason for its suspension of production, the Wall Street Journal reported. Ford halted production last week after an F-150 Lightning electric pickup truck caught fire during a pre-delivery quality inspection.
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The automaker said that it has found the root cause of the fire and expects the production halt of its F-150 electric pickup trucks to last until next week. Moreover, the company added that electric pickup trucks sold earlier are unlikely to be affected by it.
Earlier, the company announced measures to transform its European business. This included the reduction of costs through the elimination of 3,800 jobs in the next three years. The company aims to create a leaner and more competitive cost structure to deliver profitable growth in the coming years.
Ford delivered revenues of $44 billion in the Q4 of 2022. Meanwhile, its adjusted EPS of $0.51 nearly doubled. However, it came below the Street’s projection of $0.62.
What’s the Prediction for Ford Stock?
Ford stock has four Buy, seven Hold, and three Sell recommendations for a Hold consensus rating. Meanwhile, analysts’ average price target of $13.69 indicates 5.88% upside potential from current levels.
While analysts remain sidelined, hedge funds bought 1.6M shares of Ford stock last quarter. Overall, it has a Neutral Smart Score of seven.
