Legacy automaker Ford (F) has been navigating a bumpy road in its journey towards embracing electric vehicles. Recent events have thrown a spanner in the works, leading to a slight dip in its shares as Monday’s trading session drew to a close.
Signs of promise emerged initially. Ford joined forces with a group of companies to launch the ChargeScape vehicle-to-grid charging platform. This collaborative effort aims to address at-home electric vehicle charging solutions. While not a panacea for all electric vehicle charging challenges, it does offer a glimmer of hope amidst the uncertainty.
However, the good news was swiftly overshadowed by a setback. The electric Ford Bronco, driven by actor Ben Affleck and his son Samuel, encountered a breakdown on the freeway. The Bronco had to be towed away on a flatbed truck, leaving Ben and Sam stranded at a gas station, engrossed in their phones.
Natural Disaster Response
Ford also demonstrated a humanitarian side by extending a helping hand to the victims of Hurricane Helene, a catastrophe that has wreaked havoc across numerous regions, particularly devastating North Carolina, often likened to a “war zone” by some accounts.
Teaming up with Team Rubicon, a veterans’ aid organization, Ford mobilized resources and volunteers to assist in the cleanup efforts within the disaster-stricken areas. With Ford’s own dealerships bearing the brunt of the impact, it’s unlikely that car sales will see any immediate rebound in these troubled waters.
Evaluating Ford Stock
Shifting focus to Wall Street sentiments, analysts have accorded a Moderate Buy consensus rating to F stock, backed by five Buy, nine Hold, and one Sell recommendations over the past quarter. Despite enduring a 7.1% decline in its stock price over the last year, the average price target of $12.82 per share denotes a potential upside of 22.27%.
