By
Svetlana Soroka
April 18th, 2024
Ford stock registered approximately 180% gains last year. Topping on last year’s gains, Ford shares have recorded gains of around 17.10% this year already.
Ford Motor Company (NYSE: F) stock closed January 4, 2022 trading at $24.3, up 11.67% from the day’s opening price. The Ford company announced on Tuesday that it plans to significantly increase annual production capacity for the long-awaited F-150 all-electric pickup by 2023. According to Kumar Galhotra, Ford president of the Americas & international markets, who spoke to CNBC, strong consumer demand is to be attributed to the rise in production.
Moreover, Galhotra cited that the company has been working closely with customers for the past 45 years. Thereby making its pick up one of the best-selling units in the United States. “The reception of this vehicle has been absolutely incredible,” he said.
Notably, the company anticipates doubling the annual production capacity of its electric F-150 pickup to 150,000 vehicles annually by mid-2023. The ambitious plans are set to fruition based on its past ability to deliver quality products that compete well with other companies.
Arguably, the company had to stop reservations for new orders due to a huge turnout. Incredibly, Ford CEO Jim Farley said the company had to cap the orders at 200,000 units.
The company is in the final stages of pre-building, hereby indicating mass production is at hand. Of note, the company has set different prices for different models of the F-150 electric pickup. The cheapest will cost $39,974, which according to the company is work-oriented. The consumer-oriented model of the F-150 will start at $52,974. And the top executive is expected to start at $90,000.
Ford Stock amid Its F-150 Production Announcement
Ford stock registered approximately 180% gains last year, according to market analytics provided by MarketWatch. Topping on last year’s gains, Ford shares have recorded gains of around 17.10% this year.
Jim Cramer, the Mad Money host, sees a situation where Ford stock rallied astronomically this year. “The sky is the limit for Ford this year. It’s going to be terrific,” Cramer said.
More so, he thinks that Ford is miles ahead of Tesla Inc (NASDAQ: TSLA) when it comes to pickup trucks.
“I’ve been a big backer of Ford as part of the charitable trust. Farley has done a remarkable job. He’s ahead of Musk when it comes to the pick-up truck,” Cramer noted.
Ford has a market capitalization of approximately $87 billion. Tesla on the other hand is valued at approximately $1.2 trillion. Hereby giving the former stiff competition.
A survey conducted by MarketWatch indicates an average of 41 ratings does not give decisive options for investors. Whereby the average rating was Hold.